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- 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