Procter & Gamble Co said it would sell the last of its pet food business to consumer products company Spectrum Brands Holdings Inc as it focuses on more profitable lines such as Tide detergent, Gillette razors and Pampers diapers.The company, which had been under pressure from investors to exit the pet food category, sold 80 percent of its global pet food business, including the Iams and Eukanuba brands, to privately held confectioner Mars Inc for $2.9 billion in April.Mars later acquired an additional 10 percent stake for an undisclosed amount. Europe accounted for most of the rest of the business.Spectrum, whose pet care brands include Tetra, Furminator, and Dingo, said the deal gave it access to the $21 billion European dog and cat food market.
The Procter & Gamble Company (P&G) is focused on providing consumer packaged goods. Shares of PG fell by 0.01% or $-0.01/share to $84.80. In the past year, the shares have traded as low as $75.20 and as high as $85.82. On average, 7448000 shares of PG exchange hands on a given day and today's volume is recorded at 1194106.
Spectrum Brands Holdings, Inc. (SB Holdings) is a consumer products company. Shares of SPB traded higher by 2.95% or $2.54/share to $88.67. In the past year, the shares have traded as low as $62.56 and as high as $88.40. On average, 233652 shares of SPB exchange hands on a given day and today's volume is recorded at 37633.
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