Iams and Eukanuba under new ownership

Spectrum Brands has acquired the European pet products division of Procter & Gamble, including the Iams and Eukanuba brands, with immediate effect. The companies have announced that a final agreement has been signed, although no details of the purchase price have been disclosed. The acquisition will be completed as expected in 2015, subject to the customary closing conditions.“This acquisition will help us to achieve a better balance between our two product areas of aquatics and other pets,” said Dave Lumley, president and chief executive officer of Spectrum Brands Holdings, referring to the purchase decision. “We also foresee considerable synergies in general, administrative and marketing costs and distribution costs in the next few years.”