GSK, Suntory Beverage in talks ahead of Global Divestment
GlaxoSmithKline Consumer Nigeria plc (GSK Nigeria) and Suntory Beverage & Food Ltd (SBF) have announced that under a new arrangement, GSK Consumer Nigeria will continue to carry on with Lucozade and Ribena for SBF ahead of a Global Divestment deal.
Subject to regulatory approval in Europe, the deal is expected to be completed by the end of the year.
GSK Nigeria has agreed to the terms of an exclusive contract with SBF and is expected to be effective from 1st January 2014.
*Company Secretary, GSK Consumer Nigeria Plc, Mr. Uche Uwechia; Managing Director, GSK Consumer Nigeria Plc, Mr. Chidi Okoro and Communication and Engagement Manager, Mrs. Bolaji Sanyaolu at a media briefing on the GSK Nigeria Plc Lucozade-Ribena global divestment deal at GSK Nigeria HeadOffice, Lagos, Tuesday
According to Chief Olusegun Osunkeye, Chairman, GSK Nigeria this new arrangement with GSK Nigeria to continue with Lucozade and Ribena business is an indication of the positive contributions of GSK Nigeria to the global business.
'Lucozade and Ribena are products, loved by consumers in Nigeria. They are an important part of our business and I am very pleased that we will continue to supply these products. Today's deal is a show of confidence in us by GSK plc and SBF, and gives us a solid growth platform for the future' Osunkeye said.
Also, speaking on the new deal, CÃ©sar SÃ¡nchez Moral, Head of Africa, SBF, said: 'SBF is delighted to be the new owner of the global Lucozade and Ribena brands. We view Nigeria as a hugely important growth market and we believe that the combination of Lucozade and Ribena and our portfolio of international brands opens new opportunities for both partners.
We have had the opportunity to visit GSK Nigeria's factory in Agbara and we are very impressed by the quality of the facility and the commitment of GSK Nigeria's people. SBF is also committed to developing the business over the long term and we look forward to working with GSK Nigeria as we grow the business together.'