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8-K - AMBI PUR ACQUISITION - PROCTER & GAMBLE Co | ambipuracquisition.htm |
News
Release
|
The
Procter & Gamble Company
One
P&G Plaza
Cincinnati,
OH 45202
|
FOR
IMMEDIATE RELEASE
PROCTER
& GAMBLE ACQUIRES AMBI
PUR
|
CINCINNATI,
Dec. 11, 2009 – The Procter & Gamble Company (NYSE:PG) announced today it
has signed a binding offer with the Sara Lee Corporation (NYSE: SLE) to acquire
Ambi Pur for 320 million euro (US$ 470 million). Under the terms of the
agreement, P&G will acquire Ambi Pur, a leading global air care brand with
presence in 80 countries, as well as several toilet care products with strong
presence in Western Europe and Asia.
“The
acquisition of Ambi Pur strengthens P&G’s global leadership in Home Care and
specifically Air Care by extending our reach to serve more consumers in more
parts of the world more completely,” said David Taylor, P&G group
president-global home care. “This acquisition brings the strong Ambi Pur brand
equity and complementary geographic presence, particularly in Europe and
Asia.”
“Ambi Pur
also brings high-performance products and new technologies to our current Air
Care portfolio, including car air fresheners, battery-powered air fresheners,
toilet rim blocks and various non-energized air fresheners,” added
Taylor. “We see many opportunities to leverage these additional
technologies and P&G’s core capabilities in consumer understanding,
innovation, brand building and go-to-market execution to grow both the Febreze
and Ambi Pur brands robustly for many years to come.”
"The Ambi
Pur brand has a rich history in innovation and is enjoyed by millions of
consumers," said Vincent Janssen, chief executive officer, Sara Lee
International Household and Body Care. “Receiving this offer from leading
consumer goods company P&G validates the tremendous trends and potential of
this innovative air care leader.”
The
transaction, which is subject to customary closing conditions and regulatory
clearances, is anticipated to close in the current fiscal year, which ends on
June 30, 2010. Both P&G and Sara Lee will consult with relevant work
councils and regulatory bodies during the review process.
P&G
also stated that the transaction should not have a material impact on the
company’s results in fiscal year 2010. The Ambi Pur brand generated
annual sales of approximately 260 million euro and estimated operating
income1 of 24 million euro for the year
ending June 2009, using an exchange rate of 1.37 dollars per euro.
Forward
Looking Statement
All
statements, other than statements of historical fact included in this release or
presentation, are forward-looking statements, as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such statements are based on
financial data, market assumptions and business plans available only as of the
time the statements are made, which may become out of date or incomplete. We
assume no obligation to update any forward-looking statement as a result of new
information, future events or other factors. Forward-looking statements are
inherently uncertain, and investors must recognize that events could differ
significantly from our expectations. In addition to the risks and uncertainties
noted in this release or presentation, there are certain factors that could
cause actual results to differ materially from those anticipated by some of the
statements made. These include: (1) the ability to achieve business plans,
including growing existing sales and volume profitably despite high levels of
competitive activity, especially with respect to the product categories and
geographical markets (including developing markets) in which the Company has
chosen to focus; (2) the ability to successfully manage ongoing acquisition and
divestiture activities to achieve the cost and growth synergies in accordance
with the stated goals of these transactions without impacting the delivery of
base business objectives; (3) the ability to successfully manage ongoing
organizational changes designed to support our growth strategies, while
successfully identifying, developing and retaining key employees; (4) the
ability to manage and maintain key customer relationships; (5) the ability to
maintain key manufacturing and supply sources (including sole supplier and plant
manufacturing sources); (6) the ability to successfully manage regulatory, tax
and legal requirements and matters (including product liability, patent,
intellectual property, competition law matters, and tax policy), and to resolve
pending matters within current estimates; (7) the ability to successfully
implement, achieve and sustain cost improvement plans in manufacturing and
overhead areas, including the Company's outsourcing projects; (8) the ability to
successfully manage currency (including currency issues in certain countries,
such as Venezuela, China and India), debt, interest rate and commodity cost
exposures and significant credit or liquidity issues; (9) the ability to manage
continued global political and/or economic uncertainty and disruptions,
especially in the Company's significant geographical markets, as well as any
political and/or economic uncertainty and disruptions due to a global or
regional credit crisis or terrorist and other hostile activities; (10) the
ability to successfully manage competitive factors, including prices,
promotional incentives and trade terms for products; (11) the ability to obtain
patents and respond to technological advances attained by competitors and
patents granted to competitors; (12) the ability to successfully manage
increases in the prices of raw materials used to make the Company's products;
(13) the ability to stay close to consumers in an era of increased media
fragmentation; (14) the ability to stay on the leading edge of innovation and
maintain a positive reputation on our brands; and (15) the ability to rely on
and maintain key information technology systems. For additional
information concerning factors that could cause actual results to materially
differ from those projected herein, please refer to our most recent 10-K, 10-Q
and 8-K reports.
About
Procter & Gamble
Four
billion times a day, P&G brands touch the lives of people around the world.
The company has one of the strongest portfolios of trusted, quality, leadership
brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®,
Bounty®, Dawn®, Gain®, Pringles®, Charmin®, Downy®, Lenor®, Iams®, Crest®,
Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun® and
Fusion®. The P&G community includes approximately 135,000 employees working
in about 80 countries worldwide. Please visit http://www.pg.com for the latest
news and in-depth information about P&G and its brands.
About
Sara Lee Corporation
Each and
every day, Sara Lee (NYSE: SLE) delights millions of consumers and customers
around the world. The company has one of the world’s best-loved and leading
portfolios with its innovative and trusted food, beverage, household and body
care brands, including Ambi Pur, Ball Park, Douwe Egberts, Hillshire Farm, Jimmy
Dean, Kiwi, Sanex, Sara Lee and Senseo. Collectively, these brands generate
almost $13 billion in annual net sales covering approximately 180 countries. The
Sara Lee community consists of 41,000 employees worldwide. Please visit
www.saralee.com for the latest news and in-depth information about Sara Lee and
its brands.
# # #
P&G
Media Contacts:
Paul Fox,
+1.513.983.3465
fox.pd@pg.com
Marie-Laure
Salvado, +1.513.983.7643
salvado.ml@pg.com
P&G
Investor Relations Contact:
John
Chevalier, +1.513.983.9974
chevalier.jt@pg.com