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Tag: PZ Cussons

  • PZ Cussons retains Africa business

    PZ Cussons retains Africa business

    Consumer goods business PZ Cussons, yesterday, announced that it is retaining its Africa business and has now set out ambitious growth plans to build a winning portfolio of locally-loved brands, building on the improved momentum achieved in recent years.

    The growth plans will be delivered through three key pillars: Core growth, Revenue Growth Management, and Category expansion.

    The first pillar will focus on growing the company’s core business in Nigeria, Kenya and Ghana through consistently delivering best-in-class fundamentals of brand-building, distribution expansion, Revenue Growth Management, in-store execution and use of digital.

    PZ Cussons said these factors, including the fact that the Nigerian business has, since FY22, more than doubled the number of stores which it serves directly, have been major contributors to the business’ growth in recent years.

    The other pillars are Category expansion: expansion into new category adjacencies, including a focus on Men’s Grooming and Beauty, with the existing brands of Venus, Imperial Leather and Premier; Pan-Africa growth: expansion in other African markets which will be served from the existing footprint in Nigeria and Kenya.

    READ ALSO; Aregbesola’s ally, Adeoti, set to join APC

    In April 2024, PZ Cussons announced plans to conduct a strategic review of its Africa operations. As part of the review, the Group announced the sale of its 50 per cent equity interest in PZ Wilmar Limited, its non-core edible oils business in Nigeria, to Wilmar International Limited, its Joint Venture partner for a total consideration of $70 million.

    The Group received significant levels of interest from a number of parties regarding the wider Africa portfolio.

    The Board has, however, concluded that the greatest value for shareholders will be created by retaining the business and building a Group portfolio balanced between its developed markets of United Kingdom and Australia/New Zealand and its emerging markets of Indonesia and Nigeria.

    The strategy is based on the significant long-term opportunity in Africa where population is forecast to grow by more than 900 million over the next 25 years, representing over half of total global population growth.

    Nigeria’s population alone is forecast to increase by over 100 million further benefitting from urbanisation and rapidly growing middle classes.

    “Recent economic and currency trends have been more favourable, supporting double-digit revenue growth in our Africa business in the first half of the financial year.

    “The Board is confident that PZ Cussons is well placed to succeed through leveraging local insights and its brand heritage.

    “The business will continue to benefit from its scale in manufacturing and route-to-market expertise, particularly against a competitive landscape which has seen a number of multi-nationals exit the market in recent years.

    “Nearly 80 per cent of Nigeria revenue is generated from brands holding #1 or #2 positions in their categories,” the Group said, in a statement which was made available to The Nation, on Thursday.

     Africa generated £141 million of revenue and £16 million of adjusted operating profit in FY25, representing 27 per cent and 30 per cent of the Group, respectively.

    Following the sale of its 50 per cent stake in PZ Wilmar, the Group’s Africa business comprises Family Care and Electricals businesses in Nigeria, and Family Care businesses in Ghana and Kenya. The Group holds a 73.3 per cent stake in PZ Cussons Nigeria plc.

    Headquartered in Manchester, UK., PZ Cussons is a listed consumer goods business that employs about 2,500 people, with operations in Europe, Africa, Asia-Pacific and North America.

    Since its founding in 1884, the company has been creating products to delight, care for and nourish consumers.

    Across its core categories of Hygiene, Baby and Beauty, PZ Cussons’ trusted and well-loved brands include Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh, Original Source, Premier, Sanctuary Spa and St. Tropez.

  • PZ Cussons relaunches Carex for war against germs

    PZ Cussons relaunches Carex for war against germs

    Carex has officially relaunched in Nigeria, introducing its new Masterbrand identity and an expanded portfolio of antibacterial solutions. 

    The refreshed range includes hand wash, bar soaps, and antiseptic liquids; all designed to help Nigerian families stay protected every day.

    The relaunch attracted media professionals, health experts, regulators, influencers, and key stakeholders. 

    Together with PZ Cussons, they celebrated Carex’s renewed mission: to win the war against germs and champion everyday hygiene.

    “Carex has always stood for protection and care,” said Oghale Elueni, Managing Director, PZ Cussons Nigeria. 

    “This is more than just a Masterbrand relaunch. It’s about a bigger mission- to win the war against germs wherever you are- at home, at work, in school, on the go”

    Echoing this commitment, Martha Kayode, Head of Marketing at PZ Cussons, added: “This relaunch is a fresh start. A chance to renew our promise to Nigerian families. Every single product is formulated to kill one million+ germs in seconds, while being kind to your skin”

    Commenting on the significance of the event to the long-lasting relationship between the United Kingdom and Nigeria, the British Deputy High Commissioner, Jonny Baxter, stated: “As we celebrate this milestone, let us also celebrate the spirit of partnership that makes it possible. Let us recognize the resilience of Nigerian consumers, the vision of companies like PZ Cussons, and the growing alignment between UK enterprise and Nigerian ambition.”

    The brand’s message drew praise from dignitaries and health leaders alike. Professor Akin Abayomi, Lagos State Commissioner for Health, highlighted the critical role of hygiene: “Good hygiene saves lives. Carex is reaffirming that truth today.”

    Lagos First Lady Dr. Ibijoke Sanwo-Olu, commended Carex’s advocacy: “Promoting everyday hygiene is essential to reducing the disease burden in our communities. Carex’s dedication to this cause is commendable.”

    Read Also: PZ Cussons donates research equipment to UniJos

    According to Mr Shettima T.A the General Secretary, National Association of Nigerian Nurses and Midwives, ‘This relaunch marks a significant milestone in NANNM’s collaboration with PZ Cussons; a partnership that has been guided by a clear sense of purpose- promoting health and hygiene through products that meet the highest standards of safety and efficacy’

    Guests were treated to a vibrant afternoon. From cultural performances to interactive demos of Carex’s advanced formulations. A dance troupe-‘Dance na the main thing’ and Wande Coal the R&B crooner added energy to the event, making the celebration one to remember.

    “This relaunch is more than a new look. It’s a renewed promise: to protect and serve Nigerian families,” said Adedunmola Ezichi, Category Manager. With powerful antibacterial action that kills over one million germs in seconds, Carex products also care for your skin, leaving it soft with its no-irritation formula. From trusted handwash to bar soaps and antiseptics, Carex now offers a complete hygiene solution for every household.

  • Wilmar to acquire PZ Cussons’ 50% stake in PZ Wilmar for $70m

    Wilmar to acquire PZ Cussons’ 50% stake in PZ Wilmar for $70m

    Agribusiness group Wilmar International Limited (“Wilmar”) is to purchase the 50 per cent equity stake in PZ Wilmar Limited (“PZ Wilmar”) held by consumer goods giant PZ Cussons Plc, for $70 million.  This was sequel to a definitive agreement jointly announced by PZ Cussons Plc and Wilmar on yesterday. Wilmar is listed on the Singapore Exchange, while PZ Cussons plc is traded on the London Stock Exchange.

    Upon completion of the transaction, which is subject to a number of relevant approvals, Wilmar will hold 100 per cent of the equity in PZ Wilmar. PZ Cussons Nigeria plc, a subsidiary of PZ Cussons plc, is not a shareholder of PZ Wilmar and its operations are unaffected. Following completion of the transaction, PZ Wilmar’s name will be changed and an announcement on the new name will be issued in due course.

    Completion, which remains conditional on a number of relevant approvals, is expected to take place in the last quarter of 2025.

    Wilmar Chairman and CEO, Mr. Kuok Khoon Hong, in a statement, thanked PZ Cussons for their cooperation and support since inception of the joint venture in 2010, noting that it has contributed to its success and leading market position in Nigeria.

    Read Also: PZ Cussons to sell Nigeria subsidiaries, others

    “Wilmar is acquiring PZ Cussons plc’s 50 per cent stake in PZ Wilmar as we are bullish on the longterm potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation.

    “The Nigerian market’s strong demographics, with more than 200 million consumers, offer a significant opportunity for growth in food and nutrition.

    “It is Wilmar’s intention to continue developing the upstream palm plantation and downstream businesses in Nigeria,” he said.

    Hong stated that as a global industry leader, Wilmar is well positioned to invest and realise these opportunities following the completion of the transaction.

    He, however, said the company recognises the importance of having strong local partnerships in the markets where it operates and will be looking for a suitable local partner for the business.

    Also commenting on the transaction, CEO of PZ Cussons Plc. Jonathan Myers, said: “Our joint venture with Wilmar in Nigeria has been a long-term and rewarding partnership for us both.  I want to thank the Wilmar leadership for their support and our PZW employees for their contribution and great results over the years.

    “PZ Wilmar is in the best possible hands to build further on its market leading position, while PZ Cussons continues to invest in and grow its core business.”

  • PZ Cussons donates research equipment to UniJos

    PZ Cussons donates research equipment to UniJos

    PZ Cussons Nigeria Plc has donated research equipment to the Department of Chemistry, University of Jos, (Unijos).

    The donation was made under the National Office for Technology for Acquisition and Promotion (NOTAP) -Industry Research Laboratory Upgrade Project. 

    Chief Executive Officer, PZ Cussons Nigeria Plc, Mr Dimitris Kostianis, said the company embraced the vision of  NOTAP in the quest to bridge the gap between academia and industry in translating researches from the country’s knowledge centres into required goods.

    He noted that Nigeria is blessed with intellectual assets but need state-of-the-art laboratory equipment for effective and world-class research endeavours.

    “We are motivated by NOTAP to identify with these needs and render remedial intervention. So far, our intervention has covered eight universities across the six geo-political zones of the country. We will very soon commission two similar gestures in other universities to bring the total number to 10. We also offered five PhD fellowships now at various stages of completion of their programmes.

    “These are part of PZ Cussons’ corporate social investment to entrench ‘Good for Business’ for the good of Nigeria’s ecosystem,” Kostianis said.

    Read Also: PZ Cussons to sell Nigeria subsidiaries, others

    Director-General, National Office for Technology for Acquisition and Promotion (NOTAP), Dr Obiageli Amadiobi praised the company for its consistent support for the NOTAP project.

    According to her, PZ Cussons is the only company that has so far embraced the research laboratory upgrade project.

    She urged other companies and philanthropists to join in the campaign to improve research infrastructure in the country’s knowledge centres.

    Vice Chancellor, University of Jos (Unijos), Professor Tanko Ishaya, said it was a thing of joy to witness both the signing ceremony of the memorandum of understanding (MoU) and the commissioning of the project.

    He called for more of such assistance from the private sector to public institutions.

    The donation was commissioned on the premises of the university campus, Bauchi Road.

    The commissioning ceremony was attended by full complement of the academic community, students, NOTAP leadership as well as that of PZ Cussons.

  • PZ Cussons to sell Nigeria subsidiaries, others

    PZ Cussons to sell Nigeria subsidiaries, others

    PZ Cussons, a multinational consumer goods company, said it has commenced plans to sell its African subsidiaries to any interested buyer due to forex challenges.

    The company stated this in its preliminary results published on its website for the year ended May 31, 2024.

    According to the results, the parent company of PZ Cussons Nigeria said it is looking at a partial or full sale to mitigate the company’s exposure to fluctuations in the naira, which has devalued by 70 per cent.

    The document reads: “Over the last 12 months, we have made continued operational progress and delivered against the strategic priorities set out at the start of the year, against the backdrop of macro-economic challenges.

    “At the same time, we have taken the important first steps to transform our business and maximise shareholder value, by refocusing our portfolio on where we can be most competitive.

    “The period was marked by a 70 per cent devaluation of the Nigerian naira, which has had significant implications on our reported financials. We have worked hard to mitigate the impact of this on the group, while continuing to serve Nigerian consumers who are facing unprecedented inflation and economic difficulties.”

    On the sales of subsidiaries, the company said it has received, “a number of expressions of interest for our African business”, which recognises the potential of its brands and could lead to a partial or full sale.

    Read Also: SEC turns down core investor’s bid to buy out PZ Cussons’ minority shareholders

    “The favourable trends of the second half of FY24 have continued into the new financial year. We are progressing with our plans to sell St. Tropez and have received a number of expressions of interest for our African business, the potential of our brands and people, which could lead to a partial or full sale.

    “Against this backdrop, we remain confident in the long-term potential for PZ Cussons as a business with stronger brands in a more focused portfolio, delivering sustainable, profitable growth,” PZ Cussons said.

    Commenting on the impact of the naira devaluation, PZ Cussons said a foreign exchange loss of £107.5m “primarily arose from the translation and settlement of USD denominated liabilities in our Nigerian subsidiaries and is wholly the result of the devaluation of the naira, which fell by 70 per cent from May 31, 2023 to May 31, 2024”.

    It, however, noted that revenue in its UK Personal Care business has significantly improved to a year of profitable, double-digit revenue growth.

    In September 2023, PZ Cussons said it had shown interest in buying the remaining 26.73 per cent minority shares in its Nigerian subsidiary, at a price of ₦21 per unit.

    As of May 31, PZ Cussons holds a 73.27 per cent stake in the Nigerian subsidiary, which represents 2.90bn shares, worth ₦45.53bn as of September 18.

    “The Nigerian subsidiary of the company, PZ Cussons Nigeria Plc has continued to struggle, as it posted a ₦94.78bn loss in the third quarter of 2023/24 compared to the ₦11.213bn gain it had in the corresponding period in 2022.

    “The firm suffered a ₦74.14bn loss in Q2. PZ Cusson remained in a negative net asset position, as liabilities surpassed assets by N46.420bn on the back of naira depreciation,” the report said.

  • PZ Cussons to upgrade varsities’ labs

    PZ Cussons to upgrade varsities’ labs

    PZ Cussons Nigeria Plc and the National Office for Technology Acquisition and Promotion (NOTAP) have signed a   signed Memorandum of Understanding (MoU) to upgrade chemistry and chemical engineering laboratories in five federal universities.

    The collaboration is to support NOTAP in their endeavour to domesticate technology through increased relevance of research of the local institutes to the needs of Nigerian industries especially foreign entities.

    Disclosing this yesterday, NATOP Director General, ‘Dr Dan’Azimi Ibrahim said the new arrangement will drive research for local institutes.

    Chief Executive Officer, PZ Cussons Africa, Mr Dimitris Kostianis, affirmed PZ Cussons’ commitment to supply cutting-edge equipment to the five institutes based on their critical needs and assured them of patronage in their research output.

    Read Also: PZ Cussons targets October ending for release of delayed results

    In their response, the Vice Chancellors of the benefitting universities affirmed the equipment will help a great deal in raising their research capability to be at par with international research centres.

    It will also enable them to further meet and surpass accreditation standards of the National Universities Commission (NUC). They assured that the intellectual asset are available in their institutions.   

    The benefitting universities are spread across the five geo-political zones of the country including Federal University of Technology, Akure, Usmanu Danfodio University Sokoto, University of Jos, University of Port Harcourt and Michael Okpara University of Agriculture, Umudike. Over N500 million will be spent to implement the MoU between now and the end of the year.

    PZ Cussons Nigeria, as part of its corporate social investment programme, had earlier implemented similar gestures in four universities and one research centre.

     These additional universities will bring the total number of support to 10 under the NOTAP-Industry Research Laboratory Upgrade Project (NIRLUP), a NOTAP Initiative.

  • PZ Cussons targets October ending for release of delayed results

    PZ Cussons targets October ending for release of delayed results

    PZ Cussons Nigeria Plc is yet to complete its corporate audit process for the immediate past business year.

    In a regulatory filing yesterday, the board of the company stated that the audit process for the year ended May 31, 2023 is still ongoing and expected to be completed in time for submission by the end of this month.

    Extant rules at the stock market require quoted companies to submit their full-year audited results and accounts not later than 90 days after the end of the year. Thus August 29, 2023 was the deadline for the submission of PZ Cussons’ audited results.

    “We affirm that we will release the audited financial statements for the year ended 31 May 2023 to the market on or before the end of October 2023,” PZ Cussons Nigeria stated.

    The delayed audit came as PZ Cussons (Holdings) Limited, the foreign majority core investor in PZ Cussons Nigeria Plc, bids to acquire the entire shareholdings of Nigerian minority shareholders in the Nigerian subsidiary.

    PZ Cussons is offering to acquire shares held by other shareholders of PZ Cussons Nigeria Plc at a price of N21 per share.

    Read Also; Fed Govt gives N25,000 to poor pensioners

    PZ Cussons has already informed the board of directors of PZ Cussons Nigeria of its intention to acquire the shares held by all the other shareholders, subject to prevailing market conditions.

    The proposal is however still subject to the consideration and approval of the board of PZ Cussons Nigeria, the company’s shareholders and requisite regulatory authorities.

    The acquisition of minority shareholdings will turn PZ Cussons Nigeria into a private limited liability subsidiary of PZ Cussons (Holdings), with delisting of its shares at the NGX.

    In its proposal, PZ Cussons Group explained that the transaction is necessary in order to enable it to significantly simplify and strengthen operations in Nigeria, thus creating the foundations for the Nigerian business to deliver against its strategy.

    The core investor stated that it seeks to build a more agile and innovative business, noting that it has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the group for many years to come.

    The proposed transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 and other applicable rules and regulations.

    This will require the company to convene a general meeting of its shareholders by an order by the Federal High Court, otherwise known as court-ordered-meeting.

    The company stated that the date, time, venue and agenda for the court-ordered-meeting will be communicated to shareholders upon receipt of the requisite approvals from the board, Securities and Exchange Commission (SEC) and the Federal High Court.

    “The terms and conditions of the proposed transaction will be provided in the scheme document which will be dispatched to all shareholders prior to the court ordered meeting. Further developments will be communicated to shareholders in due course,” the company stated.

    The board of PZ Cussons Nigeria urged shareholders and members of the public to exercise caution in dealing in the company’s shares until further information is provided.

  • PZ Cussons moves to buy out Nigerian shareholders

    PZ Cussons moves to buy out Nigerian shareholders

    PZ Cussons (Holdings) Limited, the foreign majority core investor in PZ Cussons Nigeria Plc, has submitted a proposal to acquire the entire shareholdings of Nigerian minority shareholders in the Nigerian subsidiary.

    In a regulatory filing at the Nigerian Exchange (NGX), PZ Cussons Nigeria stated that PZ Cussons has offered to acquire shares held by other shareholders of PZ Cussons Nigeria Plc at a price of N21 per share.

    PZ Cussons informed the board of directors of PZ Cussons Nigeria of its intention to acquire the shares held by all the other shareholders, subject to prevailing market conditions.

    The proposal is however still subject to the consideration and approval of the board of PZ Cussons Nigeria, the company’s shareholders and requisite regulatory authorities.

    The acquisition of minority shareholdings will turn PZ Cussons Nigeria into a private limited liability subsidiary of PZ Cussons (Holdings), with delisting of its shares at the NGX.

    Read Also:Why PZ Cussons Foundation invest in healthcare

    In its proposal, PZ Cussons Group explained that the transaction is necessary in order to enable it to significantly simplify and strengthen operations in Nigeria, thus creating the foundations for the Nigerian business to deliver against its strategy.

    The core investor stated that it seeks to build a more agile and innovative business, noting that it has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the group for many years to come.

    The proposed transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 and other applicable rules and regulations.

    This will require the company to convene a general meeting of its shareholders by an order by the Federal High Court, otherwise known as court-ordered-meeting.

    The company stated that the date, time, venue and agenda for the court-ordered-meeting will be communicated to shareholders upon receipt of the requisite approvals from the board, Securities and Exchange Commission (SEC) and the Federal High Court.

    “The terms and conditions of the proposed transaction will be provided in the scheme document which will be dispatched to all shareholders prior to the court ordered meeting. Further developments will be communicated to shareholders in due course,” the company stated.

    The board of PZ Cussons Nigeria urged shareholders and members of the public to exercise caution in dealing in the company’s shares until further information is provided.

  • PZ Cussons makes case for resilient digital system

    British manufacturer of personal healthcare products and consumer goods PZ Cusson  at the weekend, said it has a strong digital system that is able to detect any fraudulent act on its social media handles.

    Speaking at a press parley to unveil Cussons Baby Moment competition, its Marketing Head, Charles Nnochiri, said the competition has a solid terms and conditions  (T&C) that are to be stictly adhered to by all participants.

    The star winner goes home with N1miilion;  first runner up gets N750,000 while second runner up gets N500, 000.  Others will go home with the PZ Cusson Baby gift pack,

    He said: “There is a solid terms and conditions for being part of this competition and we have seen in the last five years that some people will illegally want to sum up their points and those with very good Information technology skills will  try to do that. So we are ready as we have a very strong firewall from our digital team. So if any one goes against the T&Cs, the participant will be disqualified. We would make sure that anyone who emerges the winner will really be worth it. It’s a competition for the family but the babies are the major participants and both parents must give their consents.”

    Its Brand Development and Activation Manager, Oluwabusayo John,  the competition which started five yeas ago  commenced September 13 and is only opened for kids between the ages of zero and two years.

     

     

  • 120 Years: PZ Cussons to scale up investments

    As PZ Cussons Nigeria Plc celebrates its 120th year anniversary in Nigeria, the company says it remains committed to the Nigerian economy and will continue to invest in expanding its business and resources to ensure increasingly better returns for its shareholders.

    PZ Cussons Nigeria reaffirmed that it believes the Nigerian economy has enormous potential and it will continue to partner with the government in the development of the economy.

    The assurance was made when a delegation of the board and management of PZ Cussons Nigeria led by the Chief Executive Officer, Christos Giannopoulos visited the Nigerian Stock Exchange (NSE) to commemorate the company’s 12 decades of operations in Nigeria.

    Giannopoulos assured that PZ Cussons Nigeria, which has been listed on the NSE for 58 years, remained committed to growing its business and delivering better returns to shareholders.

    “We are 58 years on the Nigerian Stock Exchange (NSE). We are here to stay, we are not going anywhere. Investors need to have confidence in our shares. We have in the region of 76,000 shareholders which we are expected to make returns to and they have been getting returns from consistent dividends declared by the company over the years that we have been listed,” Giannopoulos said.

    According to him, the company’s future is bright as Nigeria continues to offer growth opportunities as the biggest economy in Africa and population in excess of 190 million.

    “We will continue to invest and expand on our capacity; we always upgrade our equipment so that we have the latest and best produce quality products. Let me assure our shareholders and other stakeholders, we are here and very strong though we are going through challenges right now, but the fundamentals of the company are extremely good. The financial results are positive and not negative,” Giannopoulos said.

    He pointed out that the seeming low liquidity of the company’s shares on the Exchange was due to shareholders’ loyalty as investors who have the company’s shares hardly want to sell noting that with more than 76,000 shareholders, the company has a large domestic shareholders’ base.

    He outlined that the company is focusing on its investment in palm oil as a growth sector of the Nigerian economy, pointing out that the company had made significant investment in capacity expansion in the last four years.

    “Palm oil, for us, is very important. For me, it is, probably, number or number two biggest agricultural opportunity for Nigeria because the world started palm oil from Nigeria; the first fruit came from here.

    We are working very closely with government and the Central Bank of Nigeria (CBN) to ensure that we find ways to fund small farmers for palm oil. So, we have been working together. We have already started a number of initiatives. It takes time, like three to five years to grow and start producing significant palm oil,” Giannopoulos said.