Procter & Gamble sells well-known pet brands to Mars

|About: The Procter & Gamble Company (PG)|By:, SA News Editor

Mars plans to buy a series of Procter & Gamble (PG) pet food brands for $2.9B.

P&G unloads the Iams, Eukenaba, and Natura brands as part of the deal.

As a result of the sale, P&G will begin reporting results for its global pet care business as a discontinued operation starting in Q2.

The pile of cash from the deal will go to general corporate purposes, says P&G for now.

PG +0.5% premarket