Cadbury Schweppes Increases Shareholding In Cadbury Nigeria To Majority
20 Feb 06, Cadbury Schweppes (the Group) announces that it has increased its shareholding in Cadbury Nigeria from 46.4% to 50.02% at a total cost of £19.7 million.
Cadbury Nigeria was incorporated in 1965 and is the market leader in sugar confectionery, gum and food beverages in Nigeria with strong market shares across all three categories. Nigeria is an important growth market for the Group within its fast-growing operations in Africa and the Middle East. The move to a majority holding will allow Cadbury Nigeria to become a key production hub for the Group in West Africa, and will enhance Cadbury Nigeriaís capabilities through better access to Group technology and expertise.
As a result of Cadbury Schweppes achieving a majority holding in Cadbury Nigeria, Cadbury Nigeria will be consolidated in the group accounts of Cadbury Schweppes, having previously been accounted for as an associate.
In the year ended 1 January 2006, Cadbury Nigeriaís net sales were £102 million. Underlying operating profit was £20 million. Its contribution to the Groupís share of results in associates was £5 million. (All numbers are pro-forma, excluding a licensed business which was terminated in November 2005).
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