Latest news with #edibleOils
Yahoo
19-06-2025
- Business
- Yahoo
Wilmar to buy PZ Cussons' stake in Nigerian edible-oils JV
Wilmar International is to acquire British consumer goods company PZ Cussons' 50% equity stake in its Nigerian edible-oils joint venture (JV) for a cash consideration of $70m. With the deal, Wilmar will own 100% of the JV PZ Wilmar but it plans to onboard a local partner for the oils business, a joint statement confirmed. Wilmar said PZ Wilmar's name would be changed after the transaction's completion, which is subject to approvals and expected in the final quarter of 2025. Commenting on the deal, Wilmar chairman and CEO Kuok Khoon Hong said 'we are bullish on the long term potential of Nigeria's palm oil sector, given its large and growing population and suitability for palm cultivation'. Hong said the Nigerian market 'offers a significant opportunity for growth in food and nutrition' with over 200 million consumers. Set up in 2010 between Wilmar and PZ Cussons, PZ Wilmar is described as one of the 'largest sustainable palm oil business in Nigeria'. The JV's edible cooking oils are sold under the Mamador and Devon King's brands in Nigeria. It also holds minority stakes in two palm oil plantations in the country, with the majority stakes being held by Wilmar. Wilmar, a Singapore Exchange-listed business, intends to further develop its "upstream palm plantation and downstream businesses in Nigeria". PZ Cussons, in a filing on the London Stock Exchange, mentioned that the deal is part of its 'portfolio transformation,' with proceeds from the sale going towards reducing debt. Commenting on the sale of its stake to its JV partner, Jonathan Myers, CEO of PZ Cussons, said 'we are exiting a non-core category, reducing the risk associated with our presence in Nigeria, and materially strengthening our balance sheet'. The focus is 'to continue transforming PZ Cussons into a business with stronger brands in a more focused portfolio', Myers added. In recent years, the UK-based group has sold multiple food businesses across various geographies. These include the sale of Five:AM Australian yogurt business to Barambah Organics in 2021 and the 2020 sale of its Nigerian dairy business Nutricima to a FrieslandCampina affiliate. In March, Adani Wilmar, a joint venture between India's Adani Group and Wilmar, agreed to acquire GD Foods Manufacturing to expand its value-added food products portfolio. In January, Wilmar announced plans to buy shares in Adani Wilmar from its partner Adani Enterprises, which is exiting the alliance. The Adani Wilmar venture will become a subsidiary of Wilmar, which said it 'will explore opportunities to bring in strategic investors'. "Wilmar to buy PZ Cussons' stake in Nigerian edible-oils JV " was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Free Malaysia Today
27-05-2025
- Business
- Free Malaysia Today
India's soybean acreage to shrink as farmers favour corn, sugar cane
India's government has set a floor price of US$57.29 per 100 kg for soybeans. (EPA Images pic) DEVAS : Soybean acreage in India is likely to fall this year as corn and sugar cane could replace it in some areas after these crops gave higher returns to farmers than the oilseed, farmers and industry officials told Reuters. Soybean is India's main summer-sown oilseed crop and lower output will force the world's biggest importer of edible oils to increase overseas buying of palm oil, soyoil and sunflower oil. 'We've barely made any profit from soybean over the past three years, so this year we're switching to corn — it's giving better returns,' said Subodh Parmar, a farmer in Devas in Madhya Pradesh state. 'Soybean prices were under pressure in the last few months, which is prompting farmers to switch to other crops,' said DN Pathak, executive director of the Soybean Processors Association of India (SOPA). The government fixed a floor price of ₹4,892 (US$57.29) per 100 kg for soybean, but since the start of the new marketing year in October 2024, prices have been 10% to 20% below this level. Soybean is mainly a rain-fed crop, and the monsoon rains, expected to be above average this year, play a crucial part in deciding yields. The states of Madhya Pradesh in central India, Maharashtra in the west, Rajasthan in the northwest and Andhra Pradesh and Karnataka in the south, are major producers of soybean. 'Soybean contains more than 80% meal and less than 20% oil, but local soymeal demand has been squeezed by cheaper supplies of distiller's dried grains with solubles (DDGS), a byproduct of ethanol production,' said BV Mehta, executive director of the Solvent Extractors' Association of India (SEA). 'The poultry industry is a big consumer of soymeal, but in the past two years it has been replacing soymeal with DDGS since it is more than 30% cheaper,' Mehta said. 'In Maharashtra, the leading producer of sugar in India, ample rainfall has prompted some farmers to switch to water-intensive perennial sugarcane,' said a Mumbai-based dealer with a global trade house. 'It seems the new soybean crop will be considerably lower than last year's. This will obviously force India to increase imports of edible oils,' the dealer said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
Reuters
27-05-2025
- Business
- Reuters
India's soybean acreage to shrink as farmers favour corn, sugar cane
DEVAS, India, May 27 (Reuters) - Soybean acreage in India is likely to fall this year as corn and sugar cane could replace it in some areas after these crops gave higher returns to farmers than the oilseed, farmers and industry officials told Reuters. Soybean is India's main summer-sown oilseed crop and lower output will force the world's biggest importer of edible oils to increase overseas buying of palm oil, soyoil and sunflower oil. "We've barely made any profit from soybean over the past three years, so this year we're switching to corn — it's giving better returns," said Subodh Parmar, a farmer in Devas in Madhya Pradesh state. Soybean prices were under pressure in the last few months, which is prompting farmers to switch to other crops, said D.N. Pathak, executive director of the Soybean Processors Association of India (SOPA). The government fixed a floor price of 4,892 rupees ($57.29) per 100 kg for soybean, but since the start of the new marketing year in October 2024, prices have been 10 to 20% below this level. Soybean is mainly a rain-fed crop, and the monsoon rains - expected to be above average this year - play a crucial part in deciding yields. The states of Madhya Pradesh in central India, Maharashtra in the west, Rajasthan in the northwest and Andhra Pradesh and Karnataka in the south, are major producers of soybean. Soybean contains more than 80% meal and less than 20% oil, but local soymeal demand has been squeezed by cheaper supplies of distiller's dried grains with solubles (DDGS), a byproduct of ethanol production, said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA). The poultry industry is a big consumer of soymeal, but in the past two years it has been replacing soymeal with DDGS since it is more than 30% cheaper, Mehta said. In Maharashtra, the leading producer of sugar in India, ample rainfall has prompted some farmers to switch to water-intensive perennial sugarcane, said a Mumbai-based dealer with a global trade house. "It seems the new soybean crop will be considerably lower than last year's. This will obviously force India to increase imports of edible oils," the dealer said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. ($1 = 85.3850 Indian rupees)
Yahoo
27-05-2025
- Business
- Yahoo
India's soybean acreage to shrink as farmers favour corn, sugar cane
By Rajendra Jadhav DEVAS, India (Reuters) -Soybean acreage in India is likely to fall this year as corn and sugar cane could replace it in some areas after these crops gave higher returns to farmers than the oilseed, farmers and industry officials told Reuters. Soybean is India's main summer-sown oilseed crop and lower output will force the world's biggest importer of edible oils to increase overseas buying of palm oil, soyoil and sunflower oil. "We've barely made any profit from soybean over the past three years, so this year we're switching to corn — it's giving better returns," said Subodh Parmar, a farmer in Devas in Madhya Pradesh state. Soybean prices were under pressure in the last few months, which is prompting farmers to switch to other crops, said D.N. Pathak, executive director of the Soybean Processors Association of India (SOPA). The government fixed a floor price of 4,892 rupees ($57.29) per 100 kg for soybean, but since the start of the new marketing year in October 2024, prices have been 10 to 20% below this level. Soybean is mainly a rain-fed crop, and the monsoon rains - expected to be above average this year - play a crucial part in deciding yields. The states of Madhya Pradesh in central India, Maharashtra in the west, Rajasthan in the northwest and Andhra Pradesh and Karnataka in the south, are major producers of soybean. Soybean contains more than 80% meal and less than 20% oil, but local soymeal demand has been squeezed by cheaper supplies of distiller's dried grains with solubles (DDGS), a byproduct of ethanol production, said B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA). The poultry industry is a big consumer of soymeal, but in the past two years it has been replacing soymeal with DDGS since it is more than 30% cheaper, Mehta said. In Maharashtra, the leading producer of sugar in India, ample rainfall has prompted some farmers to switch to water-intensive perennial sugarcane, said a Mumbai-based dealer with a global trade house. "It seems the new soybean crop will be considerably lower than last year's. This will obviously force India to increase imports of edible oils," the dealer said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. ($1 = 85.3850 Indian rupees) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
