Grand Met Puts Alpo Pet Food Subsidiary on the Block
Feb. 08, 1990
LONDON (AP) _ Grand Metropolitan PLC, the huge British food and liquor company, said Thursday it plans to sell its Alpo pet foods subsidiary.
The company did not disclose a target price.
Grand Met Chairman Allen Sheppard said that after a careful review of all its activities, the company decided the Alpo business did not fit into its strategy of becoming an international branded foods, drinks and retailing giant.
The British company acquired the Allentown, Pennsylvania-based Alpo through its 1980 takeover of U.S.-based Liggett Group Inc.
Grant Met has sold off most of Liggett's diverse interests which included tobacco, soft drink bottling, and fitness equipment.
Alpo is the sixth-largest pet food maker in the United States, where its business is principally located, Grand Met said.
It had pretax profit of $45 million on sales of $400 million in the year ended Sept. 30.
A figure for aftertax profit was not available, said a company spokesman, who was not identified in accordance with British custom.