Global ingredients and performance nutrition group Glanbia has sold its stake in Nutricima, a joint venture business based in Nigeria.
Glanbia said that Nutricima no longer fits the group's strategic priorities.
PZ Cussons, Glanbia's partner in the joint venture for Nutricima, has agreed to buy its 50% stake for a cash consideration of about €29m.
Nutricima generated profit before tax of £1.3m in the financial year to the end of May 2014.
As part of the deal, Glanbia Ingredients Ireland has entered into a long-term agreement with Nutricima for the supply of dairy ingredients.
"We believe this is the right move for Glanbia at this time. The region remains a significant market for dairy ingredients, particularly enriched milk powders and we look forward to continuing the relationship with PZ Cussons through the new long-term supply agreement with Glanbia Ingredients Ireland," commented Siobhan Talbot, Glanbia's Managing Director.
