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Procter & Gamble Co. has agreed to sell the rights and trademarks to its Noxzema skin care brand in the U.S., Canada and elsewhere to suburban Chicago-based hair care products maker Alberto-Culver Co. Both companies confirmed the deal yesterday. P&G beauty products spokesman Sean Parker says the sale reflects a strategic shift that will allow Cincinnati-based P&G to focus on its Olay and Doctor's Dermatologic Formula anti-aging brands. The company says the agreement includes existing business in the U.S., Canada and part of Latin America. P&G will retain its mostly male-focused Noxzema shave care, deodorant and body cleanser business in Western Europe. Financial terms weren't disclosed. Noxzema was created in 1914 and was acquired by P&G in 1989. PG (NYSE) rose $1.59 to $72.37 (U.S.). ACV (NYSE) rose 88 cents to $28.44.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 08/05/24 7:00pm EDT.

SymbolName% changeLast
PG-N
Procter & Gamble Company
-0.42%165.07

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