Colgate-Palmolive announced Monday it has sold its European laundry detergent brands - Soupline, Axion, Gama, Genie and Paic - to Procter & Gamble for an unstated sum.
The brands are marketed in France, Italy and Scandinavia and the sale awaits approval by French competition authorities.
Said Colgate chairman/ceo Reuben Mark: "The sale of these detergent brands is consistent with Colgate's strategy to de-emphasize detergents while investing in our high margin, fast-growing oral and personal care businesses."
But the deal will leave Colgate with little cash in hand. According to the company, the one-off gain will largely be offset by one-off divestment charges.
Data sourced from: AdAgeGlobal.com; additional content by WARC staff