Procter & Gamble is planning to cut several brands from its portfolio in an effort to simplify its portfolio and focus on profit-inducing brands.
The company is expected to cut ties with over 100 of its brands, of which the most notable may be Duracell, which is rumored to be purchased by Warren Buffett's Berkshire Hathaway for $2.6 billion next year.
"The businesses we're exiting are not bad businesses. Most simply do not play to our strengths," Chief Financial Officer Jon Moeller said in an announcement, according to Industry Leaders.
Last August, the company's Chief Executive Officer Alan Lafley announced that the company would undergo a brand consolidation in the future, foreshadowing the company's move to focus on profitable brands under its umbrella.
"The broadest articulation of the company's strategy is we're going to play where we can create significant consumer preference for differentiated, premium-priced brands and clearly, noticeably, importantly better-performing products," Lafley said of the consolidation.
Other brands that are under consideration for being sold include Scope (mouthwash), Camay (soap), Braun (paper towels) and Wella (hair care cosmetic).
Procter & Gamble is estimated to manage 65 brands in 10 categories following the consolidation plans. It is also said to have collected $11.6 billion in net profit in fiscal year 2014.
