Company News, Financial News
P&G, Gillette Selling Right Guard, SpinBrush
By: Tom Branna
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The Right Guard deodorant business, which is operated by The Gillette Co., is being put up for sale, according to industry reports.
Procter & Gamble Co. is putting the business up for sale to win approval for its $57 billion purchase of the Boston-based Gillette.
Gillette manufactures Right Guard, which has annual sales of about $150 million. The sale of the business is slated for this month and is expected to sell for $225-$300 million. A P&G spokesman could not comment on the report. Likely bids may come from consumer products companies such as Unilever, Colgate-Palmolive Co., Church & Dwight Co., L’Oréal SA and Beiersdorf AG.
It was expected that P&G would sell Right Guard to win Federal Trade Commission approval for its Gillette purchase because combined, the companies have a market share of 43% in men’s deodorant, according to data from Information Resources, Inc.
Meanwhile, Church & Dwight Co. Inc. said it has agreed to buy the SpinBrush toothbrush business from Procter & Gamble Co., a sale P&G also hopes will help lead to antitrust approval of its multibillion dollar acquisition of Gillette Co.
P&G had agreed to divest the business, which had $110 million in sales in the fiscal year that ended June 30, as part of its negotiations over the Gillette deal with the European Commission. SpinBrush competes with some of Gillette’s Oral-B toothbrushes.
Church & Dwight would pay an initial $75 million in cash at the closing of the deal, which would unite the battery-powered toothbrush with its Arm & Hammer and Mentadent toothpaste brands. An additional inventory settlement would be paid following the transfer of the business and Church & Dwight would also pay up to another $30 million based on near-term performance, Church & Dwight said.
The price would be sharply lower than the $475 million P&G paid for SpinBrush between 2000 and 2002. But while battery powered toothbrushes were a hot item in the oral care industry for a while, sales have waned in recent years.
The deal is expected to close in the fourth quarter, subject to review by the Federal Trade Commission and European Commission.
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