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Procter & Gamble Co.'s fat substitute olestra will be marketed as Olean to consumers and physicians in advertising from Grey Advertising and Grey Healthcare, both New York.

Potato chips from Frito-Lay Co., which controls half the $16 billion salty snacks market, and P&G's Pringles brand are slated to begin separate market tests of the ingredient within several months.

Olean Marketing Director Billy Cyr said marketing plans haven't been finalized. But the company ran a print ad late last week in USA Today and several major daily newspapers proclaiming approval of the ingredient.

P&G will handle trade ads to food manufacturers in-house.

One industry observer estimated P&G would spend about $10 million in the first year to promote the product to consumers. That would compare with $4.6 million in consumer advertising in 1994 from Monsanto Co. for NutraSweet, according to Competitive Media Reporting.

Once anticipated to revolutionize the food industry, olestra is now burdened with bad publicity about side effects. Following numerous studies and much deliberation, the Food & Drug Administration approved olestra last week on the condition products carry a warning label.

If tests go well, P&G will apply to use Olean in other foods, including french fries.

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