Mars, Incorporated and The Procter & Gamble Company have announced that Mars has agreed to buy the Iams, Eukanuba and Natura pet brands for US$2.9 billion in cash. The transaction is expected to be completed by the second-half of 2014. European Union countries are not included in the agreement.
P&G’s Chairman, President and Chief Executive Officer, A.G. Lafley, said: “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. 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.”
Todd Lachman, Mars Petcare Global President, commented: “We view the addition of the IAMS, EUKANUBA and NATURA brands as exceptionally strategic. This acquisition is a perfect fit with our Mars Petcare vision of making A BETTER WORLD FOR PETS™. The deal reinforces our leadership in pet nutrition and veterinary science, attracts world class talent and grows our world leading portfolio.”
Mars Petcare is one of the world´s leading pet food companies with brands like Pedigree, Whiskas, Banfield, and Royal Canin among its portfolio.