P&G selling rest of pet care business to Spectrum
NEW YORK (AP) — Procter & Gamble Co. is selling its Iams and Eukanuba brands in Europe to Spectrum Brands, shedding the remaining parts of its pet care business.
Financial terms were not disclosed.
Spectrum Brands Holdings Inc. is a consumer products company whose brands include Tetra, Furminator and Dingo.
The transaction includes 42 markets in Europe. P&G said that exiting the pet care business will help it focus on its core businesses.
In April P&G said that it was selling the majority of its pet care business to Mars Inc., which later agreed to buy more of the business in additional markets. The portion of the pet care business that Spectrum is buying has about $200 million in annual sales.
P&G's deal with Spectrum is targeted to close next year.
P&G's stock fell slightly in Tuesday premarket trading.