Procter & Gamble Company is selling its Western European tissue/towel business to SCA.
Procter & Gamble Company is selling its Western European tissue/towel business to SCA.
Included in the transaction are manufacturing assets, P&Gs Tempo brand in Europe and Hong Kong, and the licensing of Charmin and Bounty trademarks in Europe.
This is a strategic choice to focus on continued growth of P&Gs tissue, towel and facial tissue businesses in the U.S., Canada and Mexico, led by billion dollar brands Bounty and Charmin, said David Taylor, president of P&Gs global tissue and towel business.
Procter & Gamble expects that employees at five manufacturing plants in Europe will become employees of SCA at the deal closing date, the time for which remains dependent on regulatory processes in Europe. The divestiture represents roughly 1% of P&Gs total sales.
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