Posted on October 5, 2016 by Nairametrics

GSK Nigeria Completes Divestment of Drinks Bottling Business To Suntory BFN Ltd.

  • Glaxosmithkline Consumer Nigeria Plc has completed the divestment of its drinks bottling and distribution business to Suntory Beverage & Food Nigeria Limited (SBFN). The company said the completion of the divestment followed approvals from the shareholders and the Nigeria Securities & Exchange Commission (SEC).
  • Following this approval, GSK has transferred ownership of the drinks business in Nigeria to SBFN effective October 1, 2016.
  • Consequently, GSK Consumer Healthcare Company (retained business) now consists of the consumer healthcare wellness, oral healthcare and nutrition categories and pharmaceutical business.
  • Suntory Beverage of Japan had in 2013 bought British drinks brands Lucozade and Ribena from GSK for 1.35 billion pounds ($2.1 billion at the time). Since then, the company has outsourced production and sales of the drinks in Nigeria to GSK Nigeria.
  • The management of the company had said the divestment of its drinks bottling and distribution business would not affect its financial fortunes.

 

Source: GSK Nigeria Completes Divestment of Drinks Bottling Business