P&G focusing on personal care
This article was originally published in The Rose Sheet
Executive Summary
During annual meeting with investors, Procter & Gamble CEO A.G. Lafley discussed firm's long-term growth plan. "The company we are creating is going to be primarily a household cleaning and personal-care products company, and the reason we're heading in that direction is because our business is driven by consumers in the end and by consumer demographics and by what they're buying and using," Lafley said, explaining company's rationale in divesting Folgers coffee to J.M. Smucker, which also now owns former P&G brands Jif peanut butter and Crisco. Lafley noted that 75% to 80% of U.S. consumers say they will continue to spend at current levels in household and personal care, despite economic downturn. Personal-care-oriented P&G purchased professional hair-care brand Nioxin in September. Also in September P&G shared its strategy for reining in costs (1"The Rose Sheet" Sept. 29, 2008, p. 3)
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