Procter & Gamble May Sell Beauty Brands In Package Deal
Procter & Gamble Co (NYSE: PG) may package some of its beauty brands and dump them in a single deal, according to a news report Monday citing unnamed sources.
The company changed hands recently at $83.38, up nearly 2 percent.
Bloomberg said the company is exploring a sale or initial public offering of the brands.
Proctor & Gamble said in August it planned to sell up to 100 of its brands over a two-year period and cut jobs. The company said at the time it will continue to hold its "core brands" which number between 70 to 80, and which provide about 90 percent of its sales.
Bloomberg noted Monday that brands in the beauty unit accounted for about 23 percent of Proctor & Gamble's total sales in the year ended June 30, and include Covergirl makeup, and Herbal Essence shampoo, along with fragrances.
Proctor & Gamble is also exploring the sale of its Wella hair-care business, which could be valued at more than $5 billion, according to Bloomberg.
Proctor & Gamble agreed last year to sell its Duracell battery business to Berkshire Hathaway, and took a second-quarter write-down of $740 million on the business to reflect the deal.
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