P&G to split off Duracell

Associated Press

NEW YORK

Procter & Gamble plans to remove its batteries and make Duracell a stand-alone company.

The world’s largest consumer-products maker, which acquired Duracell in 2005, has been trimming its product lineup to focus on its top performers. After it finishes jettisoning more than half its brands around the globe over the next year or two, P&G said it will be left with about 70 to 80 brands.

If a split-off of Duracell occurs, P&G said its shareholders would have the option of exchanging some, none or all of their P&G shares for shares of the new Duracell company.

Jon Moeller, the company’s chief financial officer, said during a call with reporters that Duracell is an “attractive” business that generates about $2 billion a year in sales. But he said P&G wants to focus on products that are “even more attractive.”

P&G also makes Tide detergent, Pampers diapers and Olay skin care.

The Procter & Gamble Co., based in Cincinnati, said Friday it prefers a spinoff of Duracell, but that it’s considering a sale or other options for Duracell.