SAN FRANCISCO: Colgate-Palmolive Co said it has sold its South-East Asian heavy-duty laundry detergent brands to Procter & Gamble Co.
Colgate said the P&G transaction, touching brands marketed in Thailand, Malaysia, Singapore and Hong Kong, includes the sale of Fab, Trojan, Dynamo and Paic.
Because of the sale, two detergent-dedicated factories would be closed or modified, Colgate said.
The firm said it expected the one-time net gain resulting from the Dec 31 transaction would be fully offset by fourth-quarter restructuring charges under its 2004 plan. Further financial terms were not disclosed.
“This sale is part of Colgate's ongoing strategy to de-emphasise and eliminate low-margin portions of the business while focusing on our high-margin, fast-growing oral, personal and pet-care businesses,” Colgate chairman and chief executive Reuben Mark said in a statement. – AFX-Asia
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