Iams: management buy-out in South Africa

Procter & Gamble Pet Care International Operations, manufacturer of "Iams" and "Eukanuba" premium pet food, has announced the signing of a share sale of the South African pet care sales and distribution unit, Iams South Africa (Pty) Ltd, to the current Iams South Africa (Pty) Ltd leadership team through a management buy-out. The deal retains P&G ownership of the "Iams" and "Eukanuba" brands. However, the Iams South Africa legal entity will change its name to Cube Route (Pty) Ltd. Employees of the current P&G Pet Care organisation will transfer to the new distribution company with no loss of benefits. With the announced move, Procter & Gamble International Operations signed for a third-party distribution agreement for the following territories; Republic of South Africa, Botswana, Namibia, Mozambique, Swaziland, Lesotho, Zimbabwe, Madagascar, Mauritius, Reunion, Seychelles and Comoros.