Printer Friendly

P&G ENTERS DISHWASHING DETERGENT BUSINESS IN ARGENTINA

 CINCINNATI, Dec. 30 /PRNewswire/ -- The Procter & Gamble Company (NYSE: PG) and Bunge y Born, S.A. of Buenos Aires, Argentina, announced today that they have reached an agreement for the sale of Compania Quimica, S.A. to Procter & Gamble. Financial terms were not disclosed.
 Compania Quimica's principal business is liquid dishwashing detergents. The company sells three brands in this category in Argentina including the top two brands, Cierto and Magistral.
 "This acquisition is part of our strategy to expand into new geographies in our core categories with strong, established brands," said John E. Pepper, president of Procter & Gamble. "Compania Quimica gives us the opportunity to move into the dishwashing detergent business in Argentina with the number one and number two brands. We plan to build on this success by adding our global technology and our own success in marketing dishwashing products around the world, including Mexico, Venezuela and Colombia."
 Quimica was founded in 1937. The company markets, sells and distributes a variety of consumer goods brands. Virtually all of its revenues are derived from sales in Argentina.
 P&G began operations in Argentina in 1991 with a 50/50 joint venture partner, Eguimad, to market local disposable diaper and feminine pad brands. P&G eventually acquired 100% of that business. In 1992, P&G announced a 50/50 joint venture with Compania Manufacturera de Papeles y Cartones, S. A. (CMPC) based in Santiago, Chile, to market disposable diaper and feminine pad products in a number of Latin American countries including Argentina. The CMPC and Eguimad businesses are now managed jointly in Argentina, and manufacture and market Pampers, Babysan and Duffy diapers, and Yes, Ladysan and Otros Dias feminine hygiene products. In addition, P&G sells a variety of other products in Argentina which are imported from the U.S., Chile and Brazil including: Head & Shoulders and Pantene shampoos; Old Spice fragrance; Tide laundry detergent; Crest toothpaste; and Pringles potato chips.
 P&G worldwide had sales of $30.4 billion in 1992-93. The company makes and markets a wide range of products for both consumer and institutional use, has on-the-ground operations in more than 50 countries and sells its products in more than 140 countries.
 -0- 12/30/93
 /CONTACT: Terry E. Loftus of Procter & Gamble, 513-983-9789/
 (PG)


CO: Procter & Gamble; Compania Quimica, S.A. ST: Ohio IN: HOU SU: TNM

KL -- CL004 -- 7994 12/30/93 10:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 30, 1993
Words:399
Previous Article:CONSOLIDATED STORES CORPORATION REPORTED DECEMBER RETAIL SALES INCREASED 17.7 PERCENT AND COMPARABLE STORE SALES INCREASED 5.2 PERCENT
Next Article:SALVATION ARMY, EAST OHIO GAS CONTINUE FUEL FUND PROGRAM
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters