MCLEAN, Va.—Mars, Inc. has completed its US$2.9-billion acquisition of a trio of pet food brands after announcing the deal in April.
According to Mars, the maker of its namesake candy bar as well as the Snickers, M&M’s and Twix chocolate bars, it completed the deal with Procter & Gamble Co. (P&G) to add the IAMS, Eukanuba and Natura lines to its petcare division.
The Virginia-based company already owns the Pedigree, Whiskas, Banfield and Royal Canin brands.
“We are proud to welcome (these) brands and the new associates who are joining us today,” Mars Petcare president Todd Lachman said in a statement.
“These brands are high quality and well respected by customers, vets and pet owners, and we believe they will thrive under our leadership. Together, we will be well positioned to take advantage of the fast growing pet care market, and satisfy the needs of more customers and pets around the world.”
It will now own the brands in North America, Latin America and “other select countries,” and said it will exercise the option to buy P&G’s pet food business in some parts of Asia Pacific, Middle East and Africa, including Australia, Japan and Singapore.
“This move reinforces the company’s strategic intent to build its presence in emerging markets and will enable Mars Petcare to meet the needs of more customers and pets around the world,” the company said. “Mars expects that the close for these additional businesses may take up to around a year, subject to regulatory approvals.”
Mars Petcare is the largest operating unit for Mars and has more than 35,000 employees in 50 countries.