Procter & Gamble Co. is transforming into a simpler, faster growing company, but the work isn’t over yet, said the company’s chief financial officer Jon Moeller during his presentation at the Morgan Stanley Global Consumer & Retail Conference on Wednesday.

One of the largest items on the consumer products giant’s to-do list is the $12.5 billion divestiture of 43 of its beauty brands to Coty Inc. The deal, which is expected to close in the second half of next year, puts P&G well on its way to completing its plan to streamline its focus on 10 core businesses.

At the end of the process, P&G will have about 65 brands. The company has said that about one-third of the brands will be higher than or near $1 billion in annual sales, and about two-thirds with around $500 million in annual sales.

Despite P&G’s actions to whittle down its brand portfolio, on Wednesday Moeller was asked once again about why the company did not split off parts of the company.

He responded, “We are not averse to looking at any option that creates value for shareholders.” But a split, in his view, makes it difficult to create value as it obliterates many cost synergies.

Moeller said that following the divestitures on deck, such as the beauty brands and Duracell, P&G needs to invest in sampling and other efforts to increase its household penetration in the U.S. For instance, he noted that only about 10 percent of households have tried Tide Pods.

Earlier this year at P&G’s shareholders meeting, A. G. Lafley, P&G’s then chief executive officer, said: “We are in the middle of a big transformation. It’s not going to change in a week, a month or a quarter but we think we’re about halfway through it.”

Lafley assumed the role of executive chairman on Nov. 1, clearing the way for David Taylor to become president and ceo.

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