The company has notified the exchange of its plans to expand its presence in the food and nutrition category in Nigeria. a food ingredients business is being established as a joint venture with Singapore based Wilmar International Limited, Asia’s leading agribusiness group.
The intention is to develop a range of branded products including edible oils and nutritional spreads. The joint venture will secure the availability, quality and cost of the oil ingredients through the construction of a palm oil refinery in Nigeria, expected to be completed within two years.
PZ Cuzzons’ share of the investment in the joint venture will be approximately $27m (17 million pounds) over two years. following completion of the refinery, the joint venture is expected to be earnings enhancing in its first full year of trading.