Colgate Chairman-CEO Reuben Mark said in a conference call with analysts this
P&G is responding by lowering the suggested retail price of its Crest Whitestrips to less than $30. A P&G spokesman said Whitestrips volume is up 60% from a year ago.
"The new price is part of a long-term strategy," he said. "We will bring innovative products to market and prices will drop over time."