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In 2014, P&G recorded $83.1 billion in sales. On August 1, 2014, P&G announced it was streamlining the company, dropping around 100 brands and concentrating on the remaining 65 brands, which produced 95% of the company's profits. A.G. Lafley, the company's chairman, president, and CEO until October 31, 2015, said the future P&G would be "a much simpler, much less complex company of leading brands that's easier to manage and operate".

Procter & Gamble acquired a number of other companies that diversified its product line and significantly increased profits. These acquisitions included Folgers Coffee, Norwich Eaton Pharmaceuticals (the makers of Pepto-Bismol), Richardson-Vicks, Noxell (Noxzema), Shulton's Old Spice, Max Factor, the Iams Company, and Pantene, among others. In 1994, the company made headlines for big losses resulting from levered positions in interest rate derivatives, and subsequently sued Bankers Trust for fraud; this placed their management in the unusual position of testifying in court that they had entered into transactions that they were not capable of understanding. In 1996, P&G again made headlines when the Food and Drug Administration approved a new product developed by the company, Olestra. Also known by its brand name 'Olean', Olestra is a lower-calorie substitute for fat in cooking potato chips and other snacks.

In January 2005, P&G announced the acquisition of Gillette, forming the largest consumer goods company and placing Unilever into second place. This added brands such as Gillette razors, Duracell, Braun, and Oral-B to their stable. The acquisition was approved by the European Union and theFederal Trade Commission, with conditions to a spinoff of certain overlapping brands. P&G agreed to sell its SpinBrush battery-operated electric toothbrush business to Church & Dwight, and Gillette's Rembrandt toothpaste line to Johnson & Johnson. The deodorant brands Right Guard, Soft and Dri, and Dry Idea were sold to Dial Corporation. The companies officially merged on October 1, 2005. Liquid Paper and Gillette's stationery division, Paper Mate, were sold to Newell Rubbermaid. In 2008, P&G branched into the record business with its sponsorship of Tag Records, as an endorsement for TAG Body Spray.

P&G's dominance in many categories of consumer products makes its brand management decisions worthy of study. For example, P&G's corporate strategists must account for the likelihood of one of their products cannibalizing the sales of another.

On August 25, 2009, the Ireland-based pharmaceutical company Warner Chilcott announced they had bought P&G's prescription-drug business for $3.1 billion.[16]

P&G exited the food business in 2012 when it sold its Pringles snack food business to Kellogg's for $2.75 billion after the $2.35 billion deal with former suitor Diamond Foods fell short. The company had previously sold Jif peanut butter and Folgers coffee in separate transactions toSmucker's.

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In April 2014, the company sold its Iams pet food business in all markets excluding Europe to Mars, Inc. for $2.9 billion. It sold the European Iams business to Spectrum Brands in December 2014.

In August 2014, P&G announced it was streamlining the company, dropping around 100 brands and concentrating on the remaining 65, which were producing 95% of the company's profits.

In March 2015, the company announced it was selling its Vicks Vapo Steam U.S. liquid inhalant business to Helen of Troy, part of a brand-restructuring operation. This deal was the first health-related divestiture under the brand-restructuring operation.

In July 2015, the company announced the sale of 43 of its beauty brands to Coty, a beauty-product manufacturer, in a US$13 billion deal. It cited sluggish growth for its beauty division as the reason for the merger. The sale is planned to be completed in the second half of 2016.

In February 2016, P&G completed the transfer of Duracell to Berkshire Hathaway through an exchange of shares.


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