Thai Pet Food Giant ITC Acquires US Firm Phelps Pet Products for $160 Million

Key summary

ITC Corporation, a global pet food manufacturer based in Thailand, has completed the acquisition of Phelps Pet Products, a leading US producer of pet food and treats. The deal, valued at $160 million, aims to strengthen ITC's supply chain and expand its production footprint in the US market. The acquisition adds Phelps' expertise in air-dried dog snacks and jerky-style meats to ITC's portfolio, which is already a leader in premium wet cat food. This move also expands distribution channels into North American retail markets, a key export destination for ITC. Roice Chan, CEO of ITC, stated that the acquisition aligns with the trend of pet humanization, driving growth in demand for treats and functional foods. The deal is part of ITC's strategy to reach total revenue of $1.5 billion by 2030. Phelps Pet Products was founded in 1966 (B.E. 2509) with main production facilities in Illinois and Wisconsin. In 2025 (B.E. 2568), the company reported net sales of $70.3 million and a compound annual growth rate (CAGR) of 25.6% between 2023 and 2025. In the first half of 2025, pet treats accounted for 20% of ITC's total sales, with over 400 new product launches to meet health-focused consumer demand.