Gillette Co., Boston, announced it will take off the block portions of its Braun appliance business it had been seeking to sell. Gillette hired J.P. Morgan & Co. in February to review alternatives for that Braun business, but not the hair-removal and dental-care lines. A company spokesman said Gillette's review found the products helped boost Braun's brand equity and retail presence. He did not say which potential buyers were approached or whether any made offers for Braun. Gillette announced second-quarter sales rose 2% from a year ago to $2.25 billion, and 8% after adjusting for the divestiture of White Rain and other haircare brands, which sold Gillette to Diamond Products Co., Tampa, Fla. earlier this year. Profits for the quarter rose 5% to $499 million after adjusting for the sale. Last month, Gillette said it is in talks to sell its stationery products unit--which markets the Liquid Paper, Parker and Paper Mate brands--to household product marketer Newell Rubbermaid. A Gillette spokesman said the talks are ongoing, but no agreement has been reached yet. The sales are part of Gillette's plans to concentrate on the better performing razor and toiletries businesses, and improve its overall financial results.
Copyright July 2000, Crain Communications Inc.