Procter & Gamble Co. will sell its Rembrandt line of oral care products from its recently acquired Gillette division to Personal Products Co., a Johnson & Johnson company, the companies said Monday.
The value of the transaction _ in which Personal Products will acquire all Rembrandt products, including whitening toothpaste, whitening strips, whitening systems and mouth rinses _ was not disclosed.
Cincinnati-based Procter & Gamble was required to sell the line as part of its $57 billion (Ђ47.7 billion) acquisition of Boston-based Gillette Co., which closed Oct. 3. To receive Federal Trade Commission approval, P&G also agreed to sell Gillette's Right Guard's men's anti-perspirant and deodorant business.
European antitrust regulators previously required P&G to sell SpinBrush, a battery powered toothbrush, before they approved the deal.
Personal Products, a division of McNeil-PPC Inc., makes oral health products and women's sanitary protection products.
P&G is the world's largest maker of household products, including Tide detergent, Crest toothpaste and Folgers coffee.
P&G stock was up 33 cents to $55.14 in trading Monday on the New York Stock Exchange. The stock has traded between $50.53 and $59.56 in the past year.
Johnson & Johnson fell 28 cents to $63.79 on the NYSE, where it has traded between $56.70 and $69.99 in the past year, AP reported. V.A.