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US: Proctor & Gamble offloads pet food assets to candy giant

By  |  April 10, 2014

Top product maker Proctor & Gamble has reportedly struck a deal to sell its pet food operations to candy maker Mars in a $2.9 billion agreement.

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    After nearly 15 years, P&G is set to offload the assets in North America and Latin America, first acquired for $2.3 billion. Reports say the company is looking to refocus its business on core brands as it struggles to recover from economic dips.

    Mars will acquire the 80 percent stake in the operations, but P&G has excluded its EU pet food businesses from the deal, reportedly planning to divest those operations at a later date.

    Reports say Mars holds a 44 percent stake in the pet foods industry in the EU. While it won’t acquire P&G assets there, the company will have the option to acquire units in Asia and Africa.

    Full Content: Wall Street Journal

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