A business transaction occurred between Spectrum Brands Holdings Inc. and Procter & Gamble. Spectrum has acquired the European business of Iams and Eukanuba from Procter & Gamble. European Iams and Eukanuba have annual sales of approximately $200 million USD.
Dave Lumly, CEO of Spectrum Brands Holdings, said, “The addition of these leading brands in an adjacent category better balances the product portfolio of our global pet business while significantly expanding its product offerings and geographic footprint. We see major cross-selling opportunities given the strength of our existing aquatics and companion animal supplies business in continental Europe and the particularly strong position of these dry pet food brands in the UK. Over the next few years, we also expect important synergies in overhead, SG&A, and manufacturing and distribution.”
The Chairman of the Board of Spectrum Brands Holdings, David Maura said, “I view the Iams and Eukanuba brands as iconic in the specialty pet food category. With this acquisition, we are strategically strengthening our companion animal product portfolio and investing behind our global pet supplies business. We expect this deal to be accretive in year one, but more meaningfully so in the second year, once fully integrated. We welcome the P&G employees to the Spectrum Brands family and look forward to driving this business to an even higher performance level and providing outstanding service to our customers.”
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