P&G CLOSES $4.95 BILLION CLAIROL ACQUISITION DEAL

Agency Assignments To Be Reexamined

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CINCINNATI (AdAge.com) -- Procter & Gamble Co. today closed its $4.95 billion acquisition of Bristol-Myers Squibb Co.'s Clairol hair-care business.

The marketer said it would at least temporarily maintain "franchise teams" and some other operations in Clairol's Stamford, Conn., headquarters as it sorts through organizational and marketing plans over the next 90 days.

The deal adds a $1.6 billion business that includes the Clairol hair color brand, handled by Interpublic Group of Cos.' Foote, Cone & Belding Worldwide, and Clairol Herbal Essences, Aussie and Infusium hair-care brands, handled by Bcom3 Group's Kaplan Thaler Group, New York.

Agency assignments are among issues that will be reviewed over the next 90 days, a spokeswoman said.

P&G said it plans to increase marketing investments behind the brands, which received more than $140 million in measured media support in 2001, per Taylor Nelson Sofres' CMR.

Rob Matteucci, who led Clairol transition efforts for P&G in recent months, becomes vice president of global color/professional products, based in the Stamford office.

After a transition period, Cincinnati-based P&G plans to integrate Clairol's hair-care and personal-care operations with the rest of its beauty-care business, with decisions on staffing among those yet to be made.

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