PG Go for Divestiture
By: Leon Castles
on Wednesday, January 09, 2013
Cincinnati based Procter and Gamble has made an announcement that they are ready to sell off their bleach products business that will help them to gain some more financial help that they need to stabilize their business. The company said that they are going to sell off their bleach based business in Western Europe to Fater that will be a great financial option for the firm in the future. Procter and Gamble said that Fater is an Italian joint venture that the company has operated with Angelini Group since 1990 and they will sell their bleach products to Fater.
The company has said that they will not be able to provide more information about the financial terms of the deal at the moment. However, the firm reported that they will sell off the entire hard surface cleaning products sold under Ace and Neoblanc brand names. However, the deal will not include laundry products under Ace brand. Paul Fox spokesman for Procter and Gamble said that the company has decided to sell off these products not because they are not working but actually these are strong brands that have strong market value and will help their business partners in the future. The company said that Fater has already made their mark in the European markets and with these products they will be able to prove their future growth.