Brazil: Procter & Gamble sells off Hipoglos brand

Procter & Gamble Co has announced an agreement to sell its Hipoglos diaper rash cream brand in Brazil to Johnson & Johnson Consumer Inc. The terms of the deal weren’t disclosed, although it is expected to clear in under 6 months.

In his first comments since taking over Procter & Gamble last November, Chief Executive David Taylor laid out the challenges and strategic missteps he is working to overcome at the world’s biggest consumer-products company.
Mr. Taylor’s goal of returning P&G to growth rests on cutting $10 billion over the next five years, in addition to a $10 billion cost-cutting plan implemented in 2012. The cuts will be broad and include everything from marketing to supply chain.

Full Content: Nasdaq

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.