P&G Dribbles Out Details Of Brand Divestiture Program

Procter & Gamble Co.

dribbled out details of its planned divestiture of under-performing brands Monday with a report it will sell its Duracell battery line and Braun electric shavers. Reuters said the company hired Goldman Sachs in a plan announced last month to sell up to 100 slower-growing brands. Cincinnati based P&G said last month it will retain about 80 brands that produce 95 percent of its profits and 90 percent of sales. Chief Executive A. G. Lafley said at the time that a more streamlined company will grow faster and "will be easier to manage and operate.” Duracell, the world's No.1 battery business accounted for about $500 million in earnings before interest, taxes depreciation and amortization, according to an unnamed source cited by Reuters. Braun's EBITDA is about $100 million. Several private equity firms are considering potential deals, Reuters said. In the late-morning session Monday, P&G traded at $82.63, up about 1 percent.