Duracell becomes the first victim of P&G’s brand cull
P&G has said it will split from leading battery brand, Duracell, as part of a plan to streamline the business.
Up to 100 brands could face the axe, and Duracell is the first major brand to go since P&G made the announcement earlier this year.
Duracell generates around $2bn in global sales. Although no final decision has been made, the initial plan is that it will be made into a separate company which would offer P&G shareholders stock options in the new entity.
However, other avenues are being explored.
P&G chief executive AG Lafley said that he “greatly appreciated the contributions of our Duracell employees.”
“Since we acquired the business in 2005 as part of Gillette, Duracell has strengthened its position as the global market leader in the battery category. I’m confident the business and its employees will continue to thrive as its own company,” he added.
P&G awarded Duracell's $50m creative and digital acount for North America to Anomaly earlier this year.
The agency had not responded to The Drum's request for comment at the time of writing.
It comes after P&G reported flat sales of $20.8bn and a 34 per cent drop in profit to $2bn for its fiscal first quarter.