P&G selling pet food brands for $2.9 billion

Image from Business Wire.
Image from Business Wire.

CINCINNATI, OH (FOX19) - P&G is selling Iams, Eukanuba, and Natura pet brands for $2.9 billion in cash, the company announced on Wednesday.

The brands are being sold to Mars, Inc, adding to their pet-care division that includes Whiskas, Pedigree and Royal Canin food brands.

Mars, most commonly known as the manufacturer of popular candy like Snickers, M&Ms and Twix, is also one of the world's leading pet food and veterinary care providers with more than 35,000 associates across 50 countries.

There are more than 300 employees in the Cincinnati area that work in Iams, Eukanuba and Natura brands. Whether those employees will be moved or if job cuts will be made has not been revealed by P&G.

P&G reportedly made the sale to focus more on their core brands of beauty, home and health care.

The deal is expected to be finished by the end of the 2014.

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