by Christopher Freeburn | February 19, 2014 12:13 pm
On Wednesday, Del Monte Foods Pet Products officially changed its name to Big Heart Pet Brands.
The name switch came after Del Monte Foods completed the sale of its canned foods unit. Del Monte Foods announced that it would sell its canned foods business to Phillipines-based Del Monte Pacific for $1.68 billion in October, the Star-Tribune notes.
Del Monte Foods Pet Products produced a number of popular pet food products, including Milk-Bone dog biscuits, Meow Mix cat foods and Kibbles ’n Bits. As Big Heart Pet Brands, it will now function as a standalone company.
Big Heart Pet Brands will compete in the pet products market, which generated sales of $21 billion last year.
Del Monte Foods canned food business accounted for about half of the former company’s revenue, but was facing rising competition from private label canned food producers.
A group of investment firms, including KKR (KKR), acquired Del Monte Foods for $4 billion in 2011.
Source URL: http://investorplace.com/2014/02/del-monte-foods-pet-products-becomes-big-heart-pet-brands/
Short URL: http://invstplc.com/1e7AVqr