Colgate-Palmolive makes announcement.NEW YORK--(BUSINESS WIRE)-- Sept. 19, 1996--Colgate-Palmolive announced that the Brazilian CADE antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. agency last night approved Colgate's acquisition of the Kolynos Oral Care business in Brazil subject to certain conditions. This acquisition was part of Colgate's 1995 purchase of the worldwide Kolynos Oral Care business. Reuben Mark, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said: "We are pleased with Brazilian approval of this investment in our most important core business, Oral Care, in the largest and most powerful economy in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . This is a major step forward. We will submit an appropriate plan within the next several months and we trust that we will reach an agreement with the CADE which will fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their conditions." Kolynos does business in 19 countries, and the CADE conditions apply only to toothpaste toothpaste, n See dentifrice. in Brazil, which represents roughly two-thirds of the total Kolynos business. The Colgate plan, to be presented to the CADE within several months, will address in an appropriate manner the following alternative conditions indicated in the CADE approval: -A mechanism to allow for the temporary suspension of the Kolynos trademark for toothpaste in Brazil for several years. -A means by which the Kolynos trademark for toothpaste in Brazil can be licensed on a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. basis. Agreement with the CADE will have no effect on Colgate's aggressive plans to develop Kolynos-Brazil as an export center for toothpaste and toothbrushes for Latin America and emerging economies worldwide. Colgate-Palmolive is a leading global consumer products company tightly focused on Oral Care, Personal Care, Household Care, Fabric Care and Pet Nutrition. Colgate sells its quality products in 206 countries and territories under such internationally recognized brand names as Colgate, Palmolive, Mennen, Kolynos, Ajax, Soupline, Suavitel and Fab, as well as Hill's Science Diet and Hill's Prescription Diet pet foods. CONTACT: Bina Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. (212) 310-3072 Anne Crawford (212) 310-2730 |
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