Zoetis Completes Acquisition of Platinum Performance, a Leading Nutrition-Focused Animal Health Business
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Zoetis $ZTS completes acquisition of Platinum Performance, a leading nutrition-focused animal health business.Tweet this
PARSIPPANY, N.J. & BUELLTON, Calif.--(BUSINESS WIRE)--Zoetis Inc. (NYSE: ZTS) today announced the completion of the acquisition of Platinum Performance, a privately-held nutrition-focused animal heath company, after fulfilling all closing requirements. The acquisition was first announced on July 22 and financial terms of the transaction are not being disclosed.
“We are pleased to welcome the Platinum Performance team to Zoetis and together expand on the success of their high-quality, nutritional product formulas for horses, dogs and cats,” said Kristin Peck, Executive Vice President and Group President, U.S. Operations, Business Development and Strategy for Zoetis. “We look forward to coupling the expertise of Platinum’s colleagues and strength of the brand in the equine community with Zoetis’ global scale, resources and capabilities to drive increased focus on health and wellness as part of the continuum of animal care.”
Platinum Performance was established in 1996 by Dr. Doug Herthel, DVM, and his son Mark Herthel, who will continue to lead the new Zoetis business as President of Platinum Performance. Platinum Performance will operate as a wholly owned subsidiary of Zoetis, and continue doing business from its Buellton, Calif., headquarters.
Zoetis is the leading animal health company, dedicated to supporting its customers and their businesses. Building on more than 65 years of experience in animal health, Zoetis discovers, develops, manufactures and commercializes medicines, vaccines and diagnostic products, which are complemented by biodevices, genetic tests and a range of services. Zoetis serves veterinarians, livestock producers and people who raise and care for farm and companion animals with sales of its products in more than 100 countries. In 2018, the company generated annual revenue of $5.8 billion with approximately 10,000 employees. For more information, visit www.zoetis.com.
About Platinum Performance
Platinum Performance was co-founded in 1996 by renowned equine veterinarian and surgeon, Dr. Doug Herthel, and President Mark Herthel. From its earliest days, the company has held a strong commitment to veterinarians and the highest respect for their role in guiding the health, wellness and performance of the horse. Platinum Performance develops, manufactures and markets a broad range of premium nutritional product formulas for horses as well as a smaller range of petcare brands and human supplements. For more information, visit www.platinumperformance.com.
This press release contains forward-looking statements, which reflect the current views of Zoetis with respect to business plans or prospects, future operating or financial performance, future guidance, future operating models, expectations regarding products, expectations regarding the performance of acquired companies and our ability to integrate new businesses, expectations regarding the financial impact of acquisitions, future use of cash and dividend payments, tax
rate and tax regimes, changes in the tax regimes and laws in other jurisdictions, and other future events.
These statements are not guarantees of future performance or actions. Forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if management's underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Zoetis expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, including in the sections thereof captioned “Forward-Looking Statements and Factors That May Affect Future Results” and “Item 1A. Risk Factors,” in our Quarterly Reports on Form 10-Q and in our Current Reports on Form 8-K. These filings and subsequent filings are available online at www.sec.gov, www.zoetis.com, or on request from Zoetis.