Glanbia has exited its investment in Nutricima, a joint venture with PZ Cussons, based in Nigeria.

The company has said that it no longer fits the group's strategic priorities. PZ Cussons will acquire Glanbia's 50% stake for cash consideration of £21 million (€29 million).

Last year, Nutricima generated profit before tax of £1.3m (€1.8m) last year. The JV was only a minor part of Glanbia's earnings.The business had concentrated on supplying enriched milk powder to the Nigerian market. As part of the transaction, Glanbia Ingredients Ireland will enter into a long-term agreement with Nutricima for the supply of dairy ingredients.

Siobhan Talbot, Glanbia's Managing Director, said: "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."