Major Healthcare Manufacturing Firm, GSK, to Exit Nigeria After 51 Years
- A leading healthcare and biotech company, GlaxoSmithKline is exiting Nigeria after 51 years
- The company said it is ending the commercialization of its primary medicines in Nigeria
- It advised its shareholders to trade the company’s shares cautiously in the coming days
GlaxoSmithKline (GSK), a British healthcare and multinational biotech firm, has announced plans to leave Nigeria after 51 years of operations.
The company said in a statement seen by Legit.ng that it disclosed that the British firm informed GlaxoSmithKline Consumer Nigeria Plc of its plans to cease the commercialization of its top medicines and vaccines in the country via GSK local operating companies and move to a third-party direct distribution model.
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Company reveals plans to end distribution of key medicines in Nigeria
The company added that it had stated its plans to end its distribution agreement in the coming months and appoint a third-party distributor in Nigeria to supply healthcare products.
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The company said:
“The Board of GlaxoSmithKline Consumer Nigeria Plc has concluded that there is no alternative but to cease operations.”
“Today, we are briefing our employees whom we will treat fairly, respectfully, and with care, meeting all applicable legal and consultation requirements.”
According to the statement, shareholders are asked to seek professional advice and exercise caution when dealing in the company shares, stating that there is no assurance of the final terms of any scheme or that any scheme would be approved by SEC or shareholders.
GSK's decades of operations in Nigeria comes to an end
The company was incorporated in Nigeria on June 23, 1971, and began operations on July 1, 1972, under Beecham Limited, with head office at Industrial Avenue, Ilupeju, in Lagos.
GlaxoSmithKline was listed on the Nigerian Exchange Limited in 1977. In 1982, it established an ultra-modern drinks factory in Agbara Industrial Estate, Ogun State, and has since expanded to include facilities to manufacture Oral Healthcare (OHC) and Wellness products.
GlaxoSmithKline manufactures life-saving medicines such as Amoxicillin / Clavulanic acid, among others.
In line with our commitment to continuous improvement, we regularly update our facilities to meet the ever-increasing demands of our consumers.
Unilever stops manufacturing Omo, Lux, Vaseline other popular home and skin care products
Legit.ng reported that Unilever Nigeria Plc, one of the leading consumer goods companies, has announced that it will stop manufacturing some of its popular products, including Omo and Lux.
The manufacturer says it will exit two categories, Home Care and Skin Cleansing, which will affect the aforementioned brands.
Other brands to be affected include Sunlight, Dove Beauty Bar, Lux soap, Pepsodent Toothpaste, vaseline, Lifebuoy, and Rexona products amongst many others.
Source: Legit.ng
