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WSJ: Warner Chilcott could announce $3 billion purchase of P&G's ...Asked to comment on the report Sunday, P&G spokesman Tom Millikin told The Associated Press that the consumer products company does not respond to rumor or speculation. A message left at Warner Chilcott’s offices in Rockaway, N.J., was not immediately returned. Cincinnati-based P&G, known for brands like Tide detergent, Gillette razors and Pampers diapers, said late last year it was interested in exiting the prescription drug business. That segment’s products include women’s osteoporosis treatment Actonel, which generates more than $1 billion in annual revenue. Private-equity firm Cerberus Capital Management and drug maker Forest Laboratories were also purportedly interested in the P&G division, according to the paper. If completed, the deal would more than double Ireland-based Warner Chilcott’s annual revenue and expand its share of the women’s health market. The company, which makes birth control, female hormone therapies and dermatology products, has forecast annual sales of just over $1 billion for this fiscal year. P&G has said it sees better potential with over-the-counter products such as Vicks cough medicines and other personal care brands, like Always and Tampax feminine care. Last year the company sold off its Folgers coffee business to J.M. Smucker Inc., and added beauty and grooming businesses to its portfolio. The paper said six banks are expected to put up $4 billion in financing, with $3 billion going toward the sale and the rest to refinance $1 billion in existing Warner Chilcott debt. It said the bank group is led by J.P. Morgan Chase & Co. and Bank of America Corp., and also includes Credit Suisse Group, Citigroup Inc., Barclays PLC and Morgan Stanley. P&G sees sales starting to rise again in 2QCINCINNATI — The Procter & Gamble Co., maker of Tide laundry detergent and Gillette shavers, expects sales to begin rebounding this fall as it cuts prices and adds new versions of its consumer products that emphasize value. P&G shares jumped $2.21, or 4.1 percent, to $55.97 Thursday morning....
P&G resumes acquisition trail, buying men's grooming companyThe business was founded in 1996 as a niche brand of male skin care and shaving products and now serves the North American and international markets with an annual turnover of $30m. “Procter & Gamble is already the leading the player in the men’s fine fragrance category,” said Kelly Vanesse, communications director for P&G’s men’s grooming division. “The acquisition of The Art of Shaving is a perfect fit and will complement the rest of our grooming business, while also giving us greater leverage to increase our footprint in the prestige area of this category.” P&G did not reveal the terms and conditions of the transaction, nor how much they had paid to acquire the business. Accessories costing up to $1,200 The Art of Shaving has a broad portfolio, covering razors and accessories that cost up to $1,200, as well as skin care and body care products that range in price from $6 – $50. The portfolio also includes two fragrance lines, shaving and gift sets, as well as a complete range of products designed for women’s shaving needs. The business is currently US-focused, with 36 retail outlets throughout the nation, but it also has distribution through a number or specialist and department stores, both in the US and worldwide. “We are currently assessing the landscape, but one of our biggest aims for the business will be to expand the brand’s presence on an international basis,” said Vanesse. Working relationship already established Two years ago P&G and The Art of Shaving collaborated on a project to develop the Fusion Chrome Collection of razors and accessories, so the move to purchase the brand is deemed to be a ‘natural next step’. The acquisition marks the first in 2009 for the world’s largest consumer goods company and the first since the company bought up Nioxin Research Laboratories, a business specializing in products for thinning hair. ...
Procter & Gamble's 4Q profit down 18 percent , as consumers cut ...P&G says slow sales and sluggish earnings will continue in the short term before starting to rebound late in the year, and it forecast lower profit and falling revenue again for the current quarter. P&G officials said Wednesday they are making price cuts in some markets and adding to their lower-priced products. Shares fell $1.90, or nearly 3.5 percent, to $53.56 in morning trading. The stock has traded in a 52-week range of $43.93 to $73.57. Bob McDonald, in his first earnings conference call as CEO, said the company has been investing for the future in the rough economy and expects that to start paying off soon. “We are willing to accept near-term share loss as we rebuild the structural economics and long-term attractiveness of our categories,” McDonald said. “This was not something we would accept on a sustained basis and isn’t something we will accept this year.” The Cincinnati-based maker of Pampers diapers, Tide detergent and Gillette shavers has been hurt by consumers buying less and trading down to cheaper brands. A Deutsche Bank analyst wrote in a note to investors that P&G needs the economy to improve to stem those trends, as consumers migrate away from its premium brands. “Overall, business remains tough,” wrote Bill Schmitz Jr. P&G said sales fell across its broad portfolio, but particularly in discretionary areas such as Braun electric shavers, Oral-B power toothbrushes, Duracell batteries, Pringles snacks, and its line of fine fragrances. The company had raised prices on popular brands over the last two years to try to offset higher commodity costs and foreign exchange losses, but acknowledged Wednesday that price gaps with store brands and other alternatives are hurting sales. They told analysts in a conference call they are making targeted price cuts, but didn’t give specifics, and are expanding lower-tier products in such areas as disposable diapers and feminine care. ... |
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