P&G Seeks Bids for Oxydol Brand
Mar. 27, 2000
CINCINNATI (AP) _ The Procter & Gamble Co. is soliciting offers for its Oxydol brand laundry detergent, a mainstay of the consumer products giant since 1927.
``Although Oxydol is a highly profitable and recognized brand, it is no longer a strategic fit for us,'' Paul Polman, president of P&G's Global Fabric Care division, said Monday. ``We are putting more focus against building brands that offer the greatest potential for global growth.''
The Cincinnati-based P&G said it would retain the Oxydol brand if it does not get an acceptable offer.
The company made a similar move last week when it sought bids for some of its shortening and cooking oil brands used in restaurants.
Shares of P&G were trading down 93 3/4 cents to $55.50 on the New York Stock Exchange.