Proctor & Gamble has retained Blackstone Group LP to auction off its Duracell, Folgers and Pringles brands, according to unidentified sources quoted by The Financial Times. P&G spokesman
Terry Loftus says that the company doesn't comment on speculation about possible divestitures, but reported in August that it was taking a look at businesses that were at the lower end of its sales
growth goals of 4% to 6%.
Fourth-quarter sales for its snacks, coffee and pet care segment, which includes Folgers and Pringles, increased 2% over the previous year. Duracell and Braun,
the small electrical appliances maker obtained with Duracell in P&G's 2005 acquisition of Gillette, combined for 4% sales growth for the quarter.
P&G, which had $76.5 billion in total
sales for its 2007 fiscal year, has said it is focusing on its core brands--high-margin businesses, such as beauty and health care, and emerging overseas markets, such as China and India.
advertisement
advertisement
Read the whole story at The Cincinnati Enquirer/AP »