P&G pet food sales decline backs need for sale

Procter & Gamble's pet food unit reported a sales decline of 7.2% for the nine months that ended March 31, results that back the company's intention to sell the pet food business to Mars Inc. for $2.9 billion. The deal is expected to close this fall. The sale of the pet food unit is part of P&G CEO A.G. Lafley's plan to exit all categories that are not growing in sales, market share and profits.

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