One of the big names in consumer products Procter and Gamble (P&G) stated that they will be selling two of their famous soap brands to Unilever Plc. The said sale agreement was made with an undisclosed amount. P&G said that they will now be focusing on their faster growing products.
This transaction deal also included the global sale of two brands, Camay brand and Zest brand, from outside the Caribbean and North America. P&G announced it will also sell its facility in Talisman, Mexico to Unilever.
P&G revealed that they will be focusing on the 80 fast growing brands from now on. They needed to let go of the 80 to 100 slow growing product lines to be able to concentrate on what is selling faster in the market. These brands include Pampers diapers and Tide laundry detergent which are the two main contributors of their total revenue factor.
This Cincinnati-based company also sold their Duracell battery brand to Berkshire Hathaway Incorporated back in November. Their pet food business was also sold in Europe to Spectrum Brands Holdings Incorporated in September.
Another sale might be in the process in the near future. P&G's Wella hair care brand is likely to be the one to go soon according to Reuters.
The company's shares went up slightly at $92.38 in the afternoon at New York Stock Exchange. By closing on Friday, the shares of stock have risen to thirteen per cent this year.
The announced agreement is likely to be concluded and closed by the first half of the coming year 2015.