Market Overview

P&G Completes Acquisition of the Consumer Health Business of Merck KGaA, Darmstadt, Germany

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Today, the Procter & Gamble Company (NYSE:PG) announced the successful
completion of its acquisition of the Consumer Health business of Merck
KGaA, Darmstadt, Germany. This move improves P&G's OTC geographic scale,
brand portfolio and category footprint in the vast majority of the
world's top 15 OTC markets.

With this acquisition, former Merck KGaA, Darmstadt, Germany, Consumer
Health President & CEO, Uta Kemmerich-Keil, will be joining P&G as
leader of P&G Personal Healthcare International, an organization
encompassing the newly combined consumer (or OTC) health care businesses
in Europe, Latin America, and Asia/IMEA (India, Middle East and Africa).

"Today marks the beginning of an exciting new era for P&G Personal
Health Care, as we now move forward to realize the great potential of
our combined businesses," said Tom Finn, President, P&G Global Personal
Health Care. "In bringing Merck KGaA, Darmstadt, Germany, Consumer
Health into P&G, we have created a new health care organization that is
well-positioned to enable consumers to live longer, healthier and more
vibrant lives as well as drive further sales and profit growth for P&G.
We are pleased to welcome the strong leadership of Uta Kemmerich-Keil
into the P&G family, along with the thousands of talented people of
Merck KGaA, Darmstadt, Germany, Consumer Health who are transferring to
P&G."

"P&G's global scale and strategic interest in the health and well-being
of consumers provide an excellent basis for growth and expansion, and we
wish our colleagues all the best for the future," said Belén Garijo,
Member of the Executive Board of Merck KGaA, Darmstadt, Germany, and CEO
Healthcare. "This transaction marks a further step in our company's
strategic focus on science and technology."

These new brands provide a broad range of OTC products to relieve
muscle, joint and back pain, colds and headaches as well as products for
supporting physical activity and mobility. This acquisition also
provides P&G with strong health care commercial and supply capabilities,
deep technical mastery and proven consumer health care leadership that
will complement P&G's existing consumer health care capabilities and
brands.

As a result of the transaction, the combined entity will have an
expanded position in the largest, fastest-growing segments within the
consumer health market.

Forward-Looking Statements

Certain statements in this release or presentation, other than purely
historical information, including estimates, projections, statements
relating to our business plans, objectives, and expected operating
results, and the assumptions upon which those statements are based, are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements generally are identified by the words
"believe," "project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should," "will,"
"would," "will be," "will continue," "will likely result," and similar
expressions. Forward-looking statements are based on current
expectations and assumptions, which are subject to risks and
uncertainties that may cause results to differ materially from those
expressed or implied in the forward-looking statements. We undertake no
obligation to update or revise publicly any forward-looking statements,
whether because of new information, future events or otherwise.

Risks and uncertainties to which our forward-looking statements are
subject include, without limitation: (1) the ability to successfully
manage global financial risks, including foreign currency fluctuations,
currency exchange or pricing controls and localized volatility; (2) the
ability to successfully manage local, regional or global economic
volatility, including reduced market growth rates, and to generate
sufficient income and cash flow to allow the Company to affect the
expected share repurchases and dividend payments; (3) the ability to
manage disruptions in credit markets or changes to our credit rating;
(4) the ability to maintain key manufacturing and supply arrangements
(including execution of supply chain optimizations and sole supplier and
sole manufacturing plant arrangements) and to manage disruption of
business due to factors outside of our control, such as natural
disasters and acts of war or terrorism; (5) the ability to successfully
manage cost fluctuations and pressures, including prices of commodities
and raw materials, and costs of labor, transportation, energy, pension
and healthcare; (6) the ability to stay on the leading edge of
innovation, obtain necessary intellectual property protections and
successfully respond to changing consumer habits and technological
advances attained by, and patents granted to, competitors; (7) the
ability to compete with our local and global competitors in new and
existing sales channels, including by successfully responding to
competitive factors such as prices, promotional incentives and trade
terms for products; (8) the ability to manage and maintain key customer
relationships; (9) the ability to protect our reputation and brand
equity by successfully managing real or perceived issues, including
concerns about safety, quality, ingredients, efficacy or similar matters
that may arise; (10) the ability to successfully manage the financial,
legal, reputational and operational risk associated with third-party
relationships, such as our suppliers, distributors, contractors and
external business partners; (11) the ability to rely on and maintain key
company and third party information technology systems, networks and
services, and maintain the security and functionality of such systems,
networks and services and the data contained therein; (12) the ability
to successfully manage uncertainties related to changing political
conditions (including the United Kingdom's decision to leave the
European Union) and potential implications such as exchange rate
fluctuations and market contraction; (13) the ability to successfully
manage regulatory and legal requirements and matters (including, without
limitation, those laws and regulations involving product liability,
intellectual property, antitrust, data protection, tax, environmental,
and accounting and financial reporting) and to resolve pending matters
within current estimates; (14) the ability to manage changes in
applicable tax laws and regulations including maintaining our intended
tax treatment of divestiture transactions; (15) the ability to
successfully manage our ongoing acquisition, divestiture and joint
venture activities, in each case to achieve the Company's overall
business strategy and financial objectives, without impacting the
delivery of base business objectives; and (16) the ability to
successfully achieve productivity improvements and cost savings and
manage ongoing organizational changes, while successfully identifying,
developing and retaining key employees, including in key growth markets
where the availability of skilled or experienced employees may be
limited. For additional information concerning factors that could cause
actual results and events to differ materially from those projected
herein, please refer to our most recent 10-K, 10-Q and 8-K reports.

About Procter & Gamble

P&G serves consumers around the world with one of the strongest
portfolios of trusted, quality, leadership brands, including Always®,
Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®,
Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®,
Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G
community includes operations in approximately 70 countries worldwide.
Please visit https://www.pg.com/
for the latest news and information about P&G and its brands.

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