( Cincinnati ) - This past April, Procter & Gamble announced it was selling its pet food division--brands like Iams and Eukanuba--to Mars Inc. That $2.9 billion deal officially went through on Friday.

Also Friday, P&G CEO AG Lafley announced that the company will be selling off or discontinuing 90 to 100 of its lower-performing brands over the next year or two. That will leave behind 70 to 80 "core" brands that represent the majority of company sales.

Company sales for the fiscal year that ended June 30 were up 1 percent. Profits came in at $11.6 billion dollars. That's a 3 percent increase from last year that beat Wall Street expectations.