Ralston Purina Co. narrowed its focus to pet food and batteries Friday by announcing plans to sell its protein technologies business to the chemical giant DuPont Co. for $1.5 billion in stock.
Protein Technologies International is a leading supplier of soy proteins to the food and paper processing industries. Its products are used in processed meats, infant formula, soy milk, diet and sports drinks.
Analysts said Ralston - maker of such products as Purina Dog Chow - got a great price.
“Ralston literally got the offer they can’t refuse,” said Juli Nieman of Huntleigh Securities.