$CENTA

Central Garden & Pet to Form Pet Distribution JV With Phillips Pet Food & Supplies

Central Garden & Pet (CENTA) said Monday it agreed to form a pet distribution joint venture with Phillips Pet Food & Supplies.Under the terms of the agreement, Central Garden & Pet will receive cash proceeds and retain a 20% stake in the newly formed joint venture, while Phillips Pet Food & Supplies and its investors will own the remaining 80%.The joint venture will operate as an independent entity under the Phillips brand and is intended to expand nationwide distribution capabilities.Price: $32.96, Change: $-0.19, Percent Change: -0.57%