P&G Henderson plant will become Mars
Ownership of the Proctor & Gamble Pet Care plant in Henderson will change once the deal between Mars Petcare and P&G is finalized.
On April 9, Mars announced its plans to buy the IAMS, EUKANUBA and NATURA brands in major markets for $2.9 billion in cash.
The companies expect to complete the transaction in the second half of 2014, subject to regulatory approval from the Federal Trade Commission.
But P&G will maintain ownership until the deal is officially complete.
“We are now working through the details of the closing and regulatory approvals,” wrote Mars Petcare spokesman Eliot Hoff. “Upon transaction close, we will seek to understand further the acquired brands, markets and dedicated Associates. Mars and P&G Petcare will continue to operate as separate companies until that time.”
When asked about hiring decisions or facility-specific concerns, Hoff wrote the companies were focused on closing the deal and would be considering those factors later.
The deal signifies P&G’s departure from the pet care business.
“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,” P&G’s Chairman, President and Chief Executive Officer A.G. Lafley, wrote in a release. “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.”