Smucker’s has agreed to sell some pet food brands to Post in a massive deal at a price of $1.2 billion. The deal includes “leading” dog and cat food brands such as 9Lives and Kibbles ‘n Bits and Rachel Ray Nutrish. Smucker’s said that the sale supports their strategy to prioritize investments and resources in the areas of their business that offer the strongest growth and profit potential. The deal is expected to close in the second quarter. Post is slated to pay $700 million in cash and issue Smucker about $500 million in Post shares
Smucker’s to sell some pet food brands to Post
