Colgate-Palmolive Co. CL, -0.21% has announced plans to purchase three dry pet food manufacturing plants from Red Collar Pet Foods for $700 million. The acquisition will support the growth of Colgate-Palmolive's Hill's Pet Nutrition business, according to a statement released before market open on Monday. The plants, which are in Orangeburg, South Carolina; Clinton, Oklahoma; and Washington Court House, Ohio, will produce dry pet food for Hill's Science Diet and Prescription Diet brands. "This investment will help further strengthen the Hill's business today and for the long term," said Colgate-Palmolive CEO Noel Wallace, in the statement. Approximately 350 employees involved in the dry pet food operations will be transferred. The acquisition is not included in Colgate-Palmolive's current guidance and is not expected to have a material impact on the company's diluted EPS in 2022. Wachtell, Lipton, Rosen & Katz acted as legal advisor to Colgate-Palmolive on the deal and Perella Weinberg Partners acted as financial advisor. Kirkland & Ellis served as legal advisor to Red Collar Pet Foods on the transaction, and Centerview Partners served as financial advisor. On Friday Colgate-Palmolive reported second-quarter earnings that fell from a year earlier but topped estimates. The company's sales rose to $4.484 billion from $4.260 billion a year ago, topping the FactSet consensus of $4.350 billion. Colgate-Palmolive, which has raised pricing by 8.5%, also reiterated its expectation of full-year sales growth at the high end of its 1% to 4% range. The company's shares, which are down 5% this year, rose 3% to $81.11 on Monday. The S&P 500.