CINCINNATI: Procter & Gamble has said it will offload battery brand Duracell in what will be the first of up to 100 brands axed from its portfolio as part of its strategy to cut its least profitable lines.
It is anticipated that the brand will be spun off as a standalone business, P&G said, adding that its intention was to strengthen its brand and category portfolio and maximize shareholder value.
"We greatly appreciate the contributions of our Duracell employees," CEO AG Lafley said.
"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," he said. "I’m confident the business and its employees will continue to thrive as its own company."
P&G said in August that it would axe up to 100 of its least profitable brands in a bid to streamline its costs and refocus on its core brands.
The CPG giant, which has brands including Pampers, Ariel, and Gillette, said it would shed the brands over the next two years, leaving it with about 70 to 80 brands.
This article first appeared on the website of Marketing.