Procter and Gamble buys out joint venture in China
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Manufacturing News, Source : TheManufacturer.com
Published : 11 May 2004 15:42
Cincinnati, OH-based manufacturing giant Procter and Gamble announced today that it plans to buy out the remaining 20 percent of its Chinese joint venture from its partner, Hutchinson, for $1.8 billion.
The deal will be finalized on June 18 of this year.
The joint venture began in 1988, and Procter and Gamble originally had a stake of 69 percent in the joint venture, compared to Hutchison’s 31 percent. Procter and Gamble increased its ownership to 80 percent in 1997.
“Hutchison has been a very valuable partner in helping to build our business in China, and it is the right time for us to assume full ownership,” said A.G. Lafley, Procter and Gamble chairman, president and chief executive, in a statement.
Procter and Gamble has annual sales of $43 billion and employs nearly 98,000 people in about 80 countries worldwide.
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