CINCINNATI (AP) – Procter & Gamble is removing the batteries and making Duracell a stand-alone company.
The world’s largest consumer products maker, which acquired Duracell in 2005, announced earlier this year that it would shed more than half its brands around the globe over the next year or two.
If a split off occurs, P&G said that its shareholders would have the option of exchanging some, none or all of their P&G shares for shares of the newly formed Duracell company. P&G also makes Tide detergent, Pampers diapers and Olay skin care.
The Procter & Gamble Co., based in Cincinnati, said Friday that it is also considering a spinoff, sale or other options for Duracell.
Looking ahead, P&G stood by its guidance for core earnings per share to grow in the mid-single digit range. But it now expects sales to be flat to up to low-single digits. It previously forecast growth in the low-single digits.
For the quarter ended Sept. 30, it earned $1.99 billion, or 69 cents per share. Not including one-time items, it earned $1.07 per share. That matched the consensus of analysts surveyed by FactSet.
Revenue slipped to $20.79 billion. Analysts polled by FactSet expected $20.76 billion.
Shares of P&G climbed $1.52, or 1.8 percent, to $84.75 in premarket trading about 90 minutes ahead of the market open.