Spectrum Brands Acquires Iams and Eukanuba Pet Food Brands in Europe | Economic news
Middleton-based Spectrum Brands Holdings said on Tuesday it had acquired two pet food brands in Europe from Procter & Gamble, broadening its reach in the pet products industry.
The acquisition of the Iams and Eukanuba brands will allow Spectrum to enter the $ 21 billion European dog and cat food market, Spectrum said in a press release.
The deal with Procter & Gamble is expected to be finalized in 2015. Terms were not disclosed.
The two brands in Europe were the last parts of Procter & Gamble’s pet care business, according to the Associated Press. The majority of the business was sold in April to Mars Inc., AP said.
Spectrum entered the pet products business when it acquired United Pet Group, a leading manufacturer of aquatic pet supplies.
“This acquisition will expand and further strengthen United Pet Group’s broad pet product portfolio and help us achieve our goal of more balance between our two aquatic animal and pet product segments,” said the Spectrum President and CEO Dave Lumley in the release. “We are adding complementary brands in an adjacent category to grow our global pet business. “
European brands Iams and Eukanuba have annual sales of around $ 200 million, the Associated Press reported. P&G said exiting the pet care business would help it focus on its core businesses.