Mars to Buy Significant Portion of P&G's Pet Food Business
09 April 2014
Today, we announced P&G’s decision to exit the Pet Care business. This decision is based on P&G’s clear focus on value creation. We want to build consumer-preferred brands and products that are leading value creators in each of the categories in which we compete. Our objective is to create superior value for consumers, and to create superior value for shareowners, year after year. Our strategic choices are focused on significant sources of value creation, and our most important choice is to win in and from our core. This means focus on core categories with leading brands, and with core customers in core channels and countries.
Exiting Pet Care is an important step in focusing 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. They have a vision for significant growth, and several core capabilities that can create value for the pet care business.
Mars is a high quality company with many similarities to P&G. They have a proud history, with a culture founded on strong principles, and they are a well-respected employer regularly recognized as one of the best companies in the world. We are confident that the brands and employees transitioning to Mars will be in good hands.
Until closing, we will continue to run the Pet Care business as usual. David Taylor and the P&G Transition Leadership Team will be responsible for leading the transition between P&G and Mars. This will include meeting with Pet Care employees to explain how this transaction affects them. Jon Moeller and the Mergers & Acquisitions team will continue seeking a buyer for the business in the remaining markets not sold to Mars.
I want to thank all of the Pet Care employees, past and present, for all they’ve have done to build the Pet Care business. We can feel proud about all we have done over the years to serve consumers and to bring superior nutrition to dogs and cats around the world.
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