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P&G buying out partner.

Citing unprofitable performance that is unlikely to improve, South Korean packaging material supplier STC is selling its share in its P&G-STC joint venture to partner Procter & Gamble, Cincinnati, OH. The joint venture, which was established in 1989, sold disposable diapers, soap and toothpaste manufactured by P&G and exported to Korea. STC had owned a 40% stake in the company.

As part of the deal, STC will lease P&G the building in which the venture currently manufactures "Whisper" sanitary napkins.

P&G has only captured 15% of the South Korean disposable diaper market, while competitor Kimberly-Clark, Dallas, TX, has more than 50%.
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Title Annotation:STC Corp. sells share in joint venture to Procter and Gamble
Publication:Nonwovens Industry
Article Type:Brief Article
Date:Jun 1, 1992
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