Zoetis to acquire Platinum Performance
Zoetis announced it has entered into an agreement to acquire Platinum Performance, a nutrition-focused animal health company. Financial terms of the transaction are not being disclosed. Platinum's equine products include Platinum Performance Equine and Platinum Performance CJ, which delivers wellness and performance with the addition of joint support ingredients. Its petcare products include Platinum Performance formulations that focus on wellness and joint support for dogs and cats. With the acquisition of Platinum's formulas, Zoetis is entering this space for horses and building on the company's existing nutritional portfolio for dogs and cats. The addition of Zoetis' resources and capabilities to those of Platinum Performance is expected to increase the number and impact of research trials, enhance nutrition education and strengthen its ability to serve clients. Platinum Performance will operate as a wholly owned subsidiary of Zoetis and continue doing business from its Buellton, California headquarters. The transaction is subject to customary closing conditions, including regulatory and anti-trust approvals. Zoetis expects to complete the acquisition in Q3. The company does not expect the transaction to have a material financial impact to its guidance for FY19.