Aug. 03--On news it would sell as many as a hundred brands under its consumer umbrella, shares of Procter & Gamble jumped at the end the week, making up for an earlier slide, but ending mostly unchanged compared to the prior week at a Friday close of $79.65 per share.
The Cincinnati-based maker of Bounty, Pampers, Crest and Tide announced plans Friday to eliminate more than 100 brands globally over the next two years. The company will focus on brands that make up the majority of sales and profit. The 70 to 80 brands remaining account for 90 percent of the company sales and 95 percent of profit. Its shares surged 3 percent in one day. P&G didn't say which products it will take off shelves, but observers have said those under-performing brands are as large as a Fortune 500 company.
The previously announced $2.9 billion sale of its pet food business closed Friday, shifting 1,100 jobs and five U.S. factories to Mars Inc.
P&G, the world's largest household product maker, employs thousands at a paper-converting plant in Washington Twp., Wyoming County, that makes paper products under brands such as Pampers, Bounty and Charmin.
-- DAVID FALCHEK