Procter&Gamble continues to reorganize portfolio and sells Duracell
In the midst of overhauling its brand portfolio, Procter&Gamble (P&G) has sold Duracell to Berkshire Hathaway, the holding company overseen by billionaire Warren Buffett.
The sale occurred with the surrender of shares owned by Procter & Gamble to Berkshire Hathaway (about $3 billion), according to the AFP. The news agency said that P&G would additionally receive $1.1 billion in cash. In total, the transaction amounts to $6.5 billion dollars.
This sales follows an announcement made in August by the US health and beauty product giant, worth $83.1 billion dollars, that its aim is to return to growth by reorganizing its brand portfolio.
Procter&Gamble CEO AG Lafley explained his intention to focus on "70-80 strategic brands” and to “stop or sell the remaining 90-100 brands.”
The strategy seems to be taking shape. On Thursday, November 13, during a conference call with analysts, AG Lafley said he aims to revitalize the company’s beauty division - in particular brands such as Pantene and Olay, which respectively account for $3 and $2 billion, according to Women's Wear Daily.
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