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P&G Announces Results for the First Quarter of Fiscal Year 2015

Company Also Announces Exit of Duracell Battery Business
Friday, October 24, 2014 10:53 am EDT

Today, we announced results for the first quarter of the 2015 fiscal year, as well as the exit of our Duracell battery business as part of our previously-announced strategy to streamline, simplify and strengthen our brand portfolio.

“P&G’s first quarter results were in-line with our expectations, despite a very difficult operating environment,” said Chairman, President, and Chief Executive Officer A.G. Lafley. “This keeps us on-track to deliver our fiscal year commitments.” 

“We continue to accelerate and increase productivity savings, sharpen our strategies and strengthen our portfolio by focusing on our biggest opportunities. The pet care divestiture and exit of the battery business will allow us to further focus these efforts.” 

Consistent with our plans to focus and strengthen our brand and category portfolio, we also announced our intention to exit the Duracell personal power business by creating a stand-alone Duracell company. 

Our goals are to maximize value to P&G shareholders and minimize earnings per share dilution. Although no decision has been made on the form of the exit, our current preference is a split-off of the Duracell business into a stand-alone company.

“We greatly appreciate the contributions of our Duracell employees. Since we acquired the business in 2005 as part of Gillette, Duracell has strengthened its position as the global market leader in the battery category,” said Mr. Lafley. “It’s a business with attractive operating profit margins and a history of strong cash generation. I’m confident the business and its employees will continue to thrive as its own company.” 

You can read the full details in today’s news release and listen to the webcast replay of earnings results at pginvestor.com.

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