Procter & Gamble Dribbles Out Details Of Brand Divestiture Program
Procter & Gamble (NYSE: PG) 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 top 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 one percent.
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