British consumer goods giant, PZ Cussons, is considering selling its Africa operations following the recent economic downturn across the continent, especially in Nigeria, its largest market. According to the company’s latest trading report, group revenue fell 23.7% in the third quarter of its financial year, primarily because of the devaluation of the Nigerian currency. Across Africa, revenues fell by half despite the measures put in place, including a raise in product prices. Given the challenges in the African market, the company’s board is evaluating the strategic options at its disposal “to reduce risk and maximize shareholder value.” One of these options is an outright sale of the African arm, with the CEO Jonathan Myers stating that “nothing is ruled out.”
SOURCE: SEMAFOR
