P&G; Seeking Buyer for Comet Brand
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Procter & Gamble Co., the largest U.S. maker of household products, is soliciting bids for its Comet cleaner as the company sheds smaller, slow-growing brands.
Procter & Gamble has retained Goldman, Sachs & Co. to take bids on the 45-year-old Comet line. The Cincinnati-based company said it will keep the brand if it doesn’t get offers considered acceptable.
Comet is likely to fetch about $100 million in a sale, said Burt Flickinger, managing partner with consulting firm Reach Marketing. The brand had $68.9 million in sales in the year ended May 20, according to Information Resources Inc.
Procter & Gamble rose 67 cents to $64.47 on the NYSE.
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