P&G LOOKS TO SELL COMET

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(July 2, 2001) -- Comet is about to leave Procter & Gamble Co.'s orbit as the company moves to add the cleanser brand to its growing list of divested brands.

Comet joins food brands Crisco and Jif among P&G brands currently up for sale, though P&G said it would keep Comet if a suitable offer isn't received.

Earlier this year, P&G proposed to spin off its Pringles and Sunny Delight brands into a new joint venture with Coca-Cola Co. and divested its Spic and Span cleaner brand to the Spic and Span Co., funded by San Francisco-based Shansby Group. Gary Shansby, managing partner of the investment firm, said he would be interested in buying other P&G brands, too.

The brand accounted for less than $100 million in sales last year, according to P&G. -- Jack Neff

Copyright July 2001, Crain Communications Inc.

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