updated - August 4, 2020 Tuesday EDT
Mars Petcare's $2.9 billion cash purchase of Procter and Gamble brands IAMS, EUKANUBA, and NATURA brands making them apart of Mars' Pedigree, Whiskas, Banfield, and Royal Canin.
brings it out of the animal care industry a press release reported.
"We view the addition of the IAMS, EUKANUBA, and NATURA brands as exceptionally strategic," Todd Lachman global president at Mars Petcare said in a statement. "This acquisition is a perfect fit with our Mars Petcare vision of making A BETTER WORLD FOR PETSTM. The deal reinforces our leadership in pet nutrition and veterinary science, attracts world class talent and grows our world leading portfolio.
"Paul Iams, an animal nutritionist, founded the Iams Company in 1946. His philosophies created very strong foundations for these remarkable brands which will now complement our existing Mars Petcare portfolio," Lachman said in the statement.
Procter and Gamble expects its shift toward other goals to help its initiative in the long run.
"Exiting Pet Care is an important step in our strategy to focus P&G's portfolio on the core businesses where we can create the most value for consumers and shareowners," A.G. Lafley Procter and Gamble chairman, president and CEO said in a statement. "The transaction creates value for P&G shareowners, and we are confident that the business will thrive at Mars, a leading company in pet care."
Mars Petrcare brands include Pedigree, Royal Canin, Whiskas, Banfield Pet Hospital, Nutro, Sheba, Dreamies, Cesar, Chocolate M&M's, Snickers, Dove, Galaxy, Mars, Milky Way, Twix, Wrigley Doublemint Extra gum, Orbit, 5 chewing gums, Skittles, Starburst candies, Altoids, Livesavers mints, food, Uncle Ben's foods, Dolmio, Ebly, Masterfoods, Seeds of Change, Royco, drinks including Alterra, Coffee Roasterscoffee, the Bright Tea Co, Dove, Galaxy Hot Chocolate, Flavia Brewer, Cocoavia, and Wisdom Panel
Procter and Gamble has brands, Always, Ambi Pur, Areil, Bounty, Charmin, Crest, Dawn, Downy, Duracell, Fairy, Febreze, Gain, Gillette, Head and Shoulders, Lenor, Olay, Oral-B, Pampers, Pantene, SK-II, Tide, Vicks, Wella and Whisper the press release reported.
"We are happy that PG is taking decisive action to exit pet food, given the drag it has represented on PG's business over the years," Wendy Nicholson, an analyst at Citi said in a statement Forbes reported.
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