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Friday, October 24, 2014

P&G to exit Duracell battery business; quarterly sales dip, (NYSE: PG)

Procter & Gamble Co on Friday said it would sell its Duracell battery business, probably through a split-off into a separate company, as it looks to focus on faster-growing brands.P&G shares rose 3 percent as investors shrugged off a marginal fall in quarterly sales and warning that a stronger dollar would significantly hurt revenue and earnings this quarter.The world's No. 1 household products maker said in August it could sell about half of its slow-growing brands in the next two years. Duracell, the world's No. 1 battery business, was widely considered to be one of the largest assets that P&G was likely to divest.On a conference call, Chief Financial Officer John Moeller said the company had sold or discontinued 11 brands in the latest quarter and 25 in the last five quarters. Analysts expect it to sell laundry brands Fab and Trojan, Perma Sharp shaving blades and Fekkai hair products, among others.

The Procter & Gamble Company (P&G) is focused on providing consumer packaged goods. Shares of PG traded higher by 2.56% or $2.13/share to $85.36. In the past year, the shares have traded as low as $75.26 and as high as $85.82. On average, 7974580 shares of PG exchange hands on a given day and today's volume is recorded at 7990033.