One Procter & Gamble Plaza
We will provide products of superior quality and value that improve the lives of the world's consumers. As a result, consumers will reward us with leadership sales and profit growth, allowing our people, our shareholders, and the communities in which we live and work to prosper.
The Procter & Gamble Company (P&G) is a giant in the area of consumer goods. The leading maker of household products in the United States, P&G is also active in 140 countries worldwide; about half of the company's revenues are derived outside North America. P&G markets about 300 brands in all, in several areas: baby care (Luvs, Pampers); beauty care (Cover Girl, Head & Shoulders, Ivory, Oil of Olay); fabric and home care (Cascade, Mr. Clean, Spic and Span, Tide); feminine protection (Always, Tampax); food and beverages (Crisco, Folgers, Jif, Hawaiian Punch, Pringles); healthcare (Crest, Nyquil, Pepto-Bismol, Scope, Vicks); and tissue and towels (Bounty, Charmin, Puffs). Committed to remaining the leader in its markets, P&G is one of the most aggressive marketers in the consumer goods industry and is the largest advertiser in the world. Many innovations that are now common practices in corporate America--including extensive market research, the brand-management system, and employee profit-sharing programs--were first developed at Procter & Gamble.
Launched with Candles and Soap in 1837
In 1837 brothers-in-law William Procter and James Gamble formed a partnership, Procter & Gamble, in Cincinnati, Ohio, to manufacture and sell candles and soap. Both men had emigrated from the United Kingdom. William Procter had moved to Ohio from England in 1832 after his woolens shop in London was destroyed by fire and burglary; Gamble came from Ireland as a boy in 1819 when famine struck his native land. Both men settled in Cincinnati, then nicknamed "Porkopolis" for its booming hog-butchering trade. The suggestion for the partnership apparently came from their father-in-law, Alexander Norris, who pointed out that Gamble's trade, soapmaking, and Procter's trade, candlemaking, both required the use of lye, which was made from animal fat and wood ashes.
Procter & Gamble first operated out of a storeroom at Main and Sixth streets. Procter ran the store while Gamble ran the manufacturing operation, which at that time consisted of a wooden kettle with a cast-iron bottom set up behind the shop. Early each morning Gamble visited houses, hotels, and steamboats collecting ash and meat scraps and bartering soap cakes for the raw materials. Candles were Procter & Gamble's most important product at that time.
Procter & Gamble was in competition with at least 14 other manufacturers in its early years, but the enterprising partners soon expanded their operations throughout neighboring Hamilton and Butler counties. Cincinnati's location on the Ohio River proved advantageous as the company began sending its goods downriver. In 1848 Cincinnati was also linked to the major cities of the East via rail, and Procter & Gamble grew.
Around 1851, when P&G shipments were moving up and down the river and across the country by rail, the company's famous moon-and-stars symbol was created. Because many people were illiterate at this time, trademarks were used to distinguish one company's products from another's. Company lore asserts that the symbol was first drawn as a simple cross on boxes of Procter & Gamble's Star brand candles by dock hands so that the boxes would be easily identifiable when they arrived at their destinations. Another shipper later replaced the cross with an encircled star, and eventually William Procter added the familiar 13 stars, representing the original 13 U.S. colonies, and the man in the moon.
The moon-and-stars trademark became a symbol of quality to Procter & Gamble's base of loyal customers. In the days before advertising, trademarks were a product's principal means of identification, and in 1875 when a Chicago soapmaker began using an almost identical symbol, P&G sued and won. The emblem, which was registered with the U.S. Patent Office in 1882, changed slightly over the years until 1930, when Cincinnati sculptor Ernest Bruce Haswell developed its current form.
During the 1850s Procter & Gamble's business grew rapidly. In the early part of the decade the company moved its operations to a bigger factory. The new location gave the company better access to shipping routes and stockyards where hogs were slaughtered. In 1854 the company leased an office building in downtown Cincinnati. Procter managed sales and bookkeeping and Gamble continued to run the company's manufacturing. By the end of the decade, the company's annual sales were more than $1 million, and Procter & Gamble employed about 80 people.
Prosperity During Civil War
Procter & Gamble's operations were heavily dependent upon rosin--derived from pine sap--which was obtained from the South. In 1860, on the brink of the Civil War, two young cousins, James Norris Gamble and William Alexander Procter (sons of the founders), traveled to New Orleans to buy as much rosin as they could, procuring a large supply at the bargain price of $1 a barrel. When wartime shortages forced competitors to cut production, Procter & Gamble prospered. The company supplied the Union Army with soap and candles, and the moon and stars became a familiar symbol with Union soldiers.
Although Procter & Gamble had foreseen the wartime scarcities, as time wore on, its stockpile of raw materials shrank. In order to keep up full production the company had to find new ways of manufacturing. Until 1863 lard stearin was used to produce the stearic acid for candlemaking. With lard expensive and in short supply, a new method was discovered to produce the stearic acid using tallow. The lard and lard stearin that was available was instead developed into a cooking compound. The same process was later adapted to create Crisco, the first all-vegetable shortening. When P&G's supply of rosin ran out toward the end of the war, the company experimented with silicate of soda as a substitute, which later became a key ingredient in modern soaps and detergents.
Launched Ivory Soap in 1878
After the war Procter & Gamble expanded and updated its facilities. In 1869 the transcontinental railroad linked the two coasts and opened still more markets to Procter & Gamble. In 1875 the company hired its first full-time chemist to work with James Gamble on new products, including a soap that was equal in quality to expensive castile soaps, but which could be produced less expensively. In 1878 Procter & Gamble's White Soap hit the market and catapulted P&G to the forefront of its industry.
The most distinctive characteristic of the product, soon renamed Ivory soap, was developed by accident. A worker accidently left a soap mixer on during his lunch break, causing more air than usual to be mixed in. Before long Procter & Gamble was receiving orders for "the floating soap." Although the office was at first perplexed, the confusion was soon cleared up, and P&G's formula for White Soap changed permanently.
Harley Procter, William Procter's son, developed the new soap's potential. Harley Procter was inspired to rename the soap by Psalm 45: "all thy garments smell of myrrh, and aloes, and cassia, out of the ivory palaces whereby they have made thee glad." Procter devoted himself to the success of the new product and convinced the board of directors to advertise Ivory. Advertising was risky at the time; most advertisements were placed by disreputable manufacturers. Nevertheless, in 1882 the company approved an $11,000 annual advertising budget. The slogan "9944/100% pure" was a welcome dose of sobriety amidst the generally outlandish advertising claims of the day. Procter, committed to the excellence of the company's products, had them analyzed and improved even before they went to market. This practice was the origin of P&G's superior product development. Procter believed that "advertising alone couldn't make a product successful--it was merely evidence of a manufacturer's faith in the merit of the article."
The success of Ivory and the ability of Procter & Gamble to spread its message further through the use of national advertising caused the company to grow rapidly in the 1880s. In 1886 P&G opened its new Ivorydale plant on the edge of Cincinnati to keep up with demand. In 1890 James N. Gamble hired a chemist, Harley James Morrison, to set up a laboratory at Ivorydale and improve the quality and consistency of Procter & Gamble's products. P&G soon introduced another successful brand: Lenox soap. Marketed as a heavier-duty product, the yellow soap helped P&G reach sales of more than $3 million by 1889.
The 1880s saw labor unrest at many U.S. companies, including Procter & Gamble, which experienced a number of strikes and demonstrations. Thereafter, the company sought to avert labor problems before they became significant. Behind P&G's labor policies was a founder's grandson, William Cooper Procter. William Cooper Procter had joined the company in 1883 after his father, William Alexander Procter, requested that he return from the College of New Jersey (now Princeton University) just one month before graduation to help with the company's affairs. Procter learned the business from the ground up, starting in the soap factory.
Innovative Employee Benefits Introduced
In 1885 the young Procter recommended that the workers be given Saturday afternoons off, and the company's management agreed. Nevertheless, there were 14 strikes over the next two years. In 1887 the company implemented a profit-sharing plan in order to intertwine the employees' interests with those of the company. Although the semiannual dividends were received enthusiastically by employees, that enthusiasm rarely found its way back into the work place. The next year William Cooper Procter recommended tying the bonuses to employee performance, which produced better results.
In 1890 The Procter & Gamble Company was incorporated, with William Alexander Procter as its first president. Two years later the company implemented an employee stock-purchase program, which in 1903 was tied to the profit-sharing plan. By 1915 about 61 percent of the company's employees were participating. The company introduced a revolutionary sickness-disability program for its workers in 1915 and implemented an eight-hour workday in 1918. Procter & Gamble has been recognized as a leader in employee-benefit programs ever since.
Meanwhile, new soaps, including P&G White Naphtha, which was introduced in 1902, kept P&G at the forefront of the cleaning products industry. In 1904 the company opened its second plant, in Kansas City, Missouri, followed by Port Ivory on Staten Island, New York. In 1907 William Cooper Procter became president of the company after his father's death.
Procter & Gamble soon began experimenting with a hydrogenation process which combined liquid cottonseed oil with solid cottonseed oil. After several years of research, Procter & Gamble patented the procedure, and in 1911 Crisco was introduced to the public. Backed by a strong advertising budget, Crisco sales took off.
World War I brought shortages, but Procter & Gamble management had again foreseen the crisis and had stockpiled raw materials. William Cooper Procter was also active in the wartime fundraising effort.
During the 1920s the flurry of new products continued. Ivory Flakes came out in 1919. Chipso soap flakes for industrial laundry machines were introduced in 1921. In 1926 Camay was introduced and three years later Oxydol joined the P&G line of cleaning products. The company's market research became more sophisticated when F.W. Blair, a P&G chemist, began a six-month tour of U.S. kitchens and laundry rooms to assess the effectiveness of Procter & Gamble's products in practical use and to recommend improvements. After Blair returned, the economic research department under D. Paul Smelser began a careful study of consumer behavior. Market research complemented Procter & Gamble's laboratories and home economics department in bringing new technology to market.
Soon after Richard R. Deupree became president of the company in 1930, synthetic soap products hit the market. In 1933 Dreft, the first synthetic detergent for home use, was introduced, followed by the first synthetic hair shampoo, Drene, in 1934. Further improvements in synthetics resulted in a host of new products years later.
Brand Management Debuted in 1931
In 1931 Neil McElroy, a former promotions manager who had spent time in England and had an up-close view of Procter & Gamble's rival Unilever, suggested a system of "one man--one brand." In effect, each brand would operate as a separate business, competing with the products of other firms as well as those of Procter & Gamble. The system would include a brand assistant who would execute the policies of the brand manager and would be primed for the top job. Brand management became a fixture at Procter & Gamble, and was widely copied by other companies.
The Great Depression caused hardship for many U.S. corporations as well as for individuals, but Procter & Gamble emerged virtually unscathed. Radio took Procter & Gamble's message into more homes than ever. In 1933 Procter & Gamble became a key sponsor of radio's daytime serials, soon known as "soap operas." In 1935 Procter & Gamble spent $2 million on national radio sponsorship, and by 1937 the amount was $4.5 million. In 1939 Procter & Gamble had 21 programs on the air and spent $9 million. That year P&G advertised on television for the first time, when Red Barber plugged Ivory soap during the first television broadcast of a major league baseball game.
In 1940 Procter & Gamble's packaging expertise was given military applications when the government asked the company to oversee the construction and operation of ordinance plants. Procter & Gamble Defense Corporation operated as a subsidiary and filled government contracts for 60-millimeter mortar shells. Glycerin also became key to the war effort for its uses in explosives and medicine, and Procter & Gamble was one of the largest manufacturers of that product.
Postwar Growth Fueled by Tide
After World War II the availability of raw materials and new consumer attitudes set the stage for unprecedented growth. Procter & Gamble's postwar miracle was Tide, a synthetic detergent that, together with home automatic washing machines, revolutionized the way people washed their clothes. The company was not ready for the consumer demand for heavy-duty detergent when it introduced the product in 1947; within two years Tide, backed by a $21 million advertising budget, was the number one laundry detergent, outselling even the company's own Oxydol and Duz. Despite its premium price, Tide remained the number one laundry detergent into the 1990s. In 1950 Cheer was introduced as bluing detergent, and over the years other laundry products were also marketed: Dash in 1954, Bold in 1965, Era in 1972, and Solo in 1979.
The 1950s were highly profitable for the company. In 1955, after five years of research, Procter & Gamble firmly established itself in the toiletries business with Crest toothpaste. Researchers at the company and at Indiana University developed the toothpaste using stannous fluoride--a compound of fluorine and tin--which could substantially reduce cavities. In 1960 the American Dental Association endorsed Crest, and the product was on its way to becoming the country's number one toothpaste, nudging past Colgate in 1962.
Procter & Gamble began acquiring smaller companies aggressively in the mid-1950s. In 1955 it bought the Lexington, Kentucky-based nut company W.T. Young Foods, and acquired Nebraska Consolidated Mills Company, owner of the Duncan Hines product line, a year later. In 1957 the Charmin Paper Company and the Clorox Chemical Company were also acquired.
In 1957 Neil McElroy, who had become Procter & Gamble president in 1948, left the company to serve as secretary of defense in President Dwight D. Eisenhower's cabinet. He was replaced by Howard Morgens who, like his predecessor, had climbed the corporate ladder from the advertising side. In 1959 McElroy returned to Procter & Gamble as chairman and remained in that position until 1971, when Morgens succeeded him. Morgens remained CEO until 1974.
Paper Products Push Included Pampers
Morgens oversaw Procter & Gamble's full-scale entry into the paper-goods markets. A new process developed in the late 1950s for drying wood pulp led to the introduction of White Cloud toilet paper in 1958, and Puffs tissues in 1960. Procter & Gamble's Charmin brand of toilet paper was also made softer.
Procter & Gamble's paper-products offensive culminated in the 1961 test marketing of Pampers disposable diapers. The idea for Pampers came from a Procter & Gamble researcher, Vic Mills, who was inspired while changing an infant grandchild's diapers in 1956. The product consisted of three parts: a leak-proof outer plastic shell, several absorbent layers, and a porous film that let moisture pass through into the absorbent layers, but kept it from coming back. Test-market results showed that parents liked the diapers, but disliked the 10 cents-per-Pamper price. Procter & Gamble reduced the price to six cents and implemented a sales strategy emphasizing the product's price. Pamper's three-layer design was a phenomenal success, and within 20 years disposable diapers had gone from less than one percent to more than 75 percent of all diapers changed in the United States. Procter & Gamble improved the technology over the years, and added a premium brand, Luvs, in 1976.
In the 1960s Procter & Gamble faced charges from the Federal Trade Commission alleging that its Clorox and Folgers acquisitions violated antitrust statutes. In a case that found its way to the Supreme Court, Procter & Gamble was finally forced to divest Clorox in 1967. The Folgers action was dismissed after Procter & Gamble agreed not to make any more grocery acquisitions for seven years, and coffee acquisitions for ten years.
In the late 1960s public attention to water pollution focused on phosphates, a key group of ingredients in soap products. After initial resistance, Procter & Gamble, along with other soapmakers, drastically reduced the use of phosphates in its products.
In 1974 Edward G. Harness became chairman and CEO of Procter & Gamble and the company continued its strong growth. Many familiar products were improved during the 1970s, and new ones were added as well, including Bounce fabric softener for the dryer in 1972 and Sure antiperspirant and Coast soap in 1974.
In 1977, after three years of test marketing, Procter & Gamble introduced Rely tampons, which were rapidly accepted in the market as a result of their superabsorbent qualities. In 1980, however, the Centers for Disease Control (CDC) published a report showing a statistical link between the use of Rely and a rare but often fatal disease known as toxic shock syndrome (TSS). In September 1980 the company suspended further sales of Rely tampons, taking a $75 million write-off on the product.
Ironically, P&G was able to capitalize on the resurgence of feminine napkins after the TSS scare. The company's Always brand pads quickly garnered market share, and by 1990 Always was the top sanitary napkin, with over one-fourth of the market.
Early 1980s Brought Food and OTC Drug Acquisitions
In 1981 John G. Smale became CEO of Procter & Gamble. He had been president since 1974. Smale led the company further into the grocery business through a number of acquisitions, including Ben Hill Griffin citrus products. The company also entered the over-the-counter (OTC) drug market with the 1982 purchase of Norwich-Eaton Pharmaceuticals, makers of Pepto Bismol and Chloraseptic. The company completed its biggest purchase in 1985, with the acquisition of the Richardson-Vicks Company for $1.2 billion, and bought Dramamine and Metamucil from G.D. Searle & Company. These purchases made Procter & Gamble a leader in over-the-counter drug sales.
In 1985, unable to squelch persistent rumors linking Procter & Gamble's famous moon-and-stars logo to Satanism, the company reluctantly removed the logo from product packages. The logo began to reappear on some packages in the early 1990s, and the company continued to use the trademark on corporate stationary and on its building.
During fiscal 1985, Procter & Gamble experienced its first decline in earnings since 1953. Analysts maintained that Procter & Gamble's corporate structure had failed to respond to important changes in consumer shopping patterns and that the company's standard practice of extensive market research slowed its reaction to the rapidly changing market. The mass-marketing practices that had served Procter & Gamble so well in the past lost their punch as broadcast television viewership fell from 92 percent to 67 percent in the mid-1980s. Many large companies responded to the challenge of cable TV and increasingly market-specific media with appropriately targeted "micro-marketing" techniques, and Procter & Gamble was forced to rethink its marketing strategy. In the late 1980s Procter & Gamble diversified its advertising, reducing its reliance on network television. Computerized market research including point-of-sale scanning also provided the most up-to-date information on consumer buying trends.
In 1987 the company restructured its brand-management system into a "matrix system." Category managers became responsible for several brands, making them sensitive to the profits of other Procter & Gamble products in their areas. Procter & Gamble brands continued to compete against one another, but far less actively. The restructuring also eliminated certain layers of management, quickening the decision-making process. The company became more aware of profitability than in the past. A company spokesperson summed it up for Business Week: "Before it had been share, share, share. We get the share and the profits will follow." In the later 1980s, Procter & Gamble was no longer willing to settle just for market share.
In the late 1980s healthcare products were one of the fastest-growing markets as the U.S. population grew both older and more health-conscious. To serve this market, Procter & Gamble's OTC drug group, which had been built up earlier in the decade, entered a number of joint ventures in pharmaceuticals. Procter & Gamble teamed up with the Syntex Corporation to formulate an OTC version of its best-selling antiarthritic, Naprosyn. Cooperative deals were also struck with the Dutch Gist-Brocades Company for its De-Nol ulcer medicine; UpJohnfor its antibaldness drug, Minoxidil; and Triton Bioscience and Cetus for a synthetic interferon.
Acquired Noxell and Blendax in 1988
In September 1988 Procter & Gamble made its first move into the cosmetics business with the purchase of Noxell Corporation, maker of Noxema products and Cover Girl cosmetics, in a $1.3 billion stock swap. Procter & Gamble also planned to further develop its international operations. In 1988 the company acquired Blendax, a European health and beauty-care goods manufacturer. The Bain de Soleil sun-care product line was also purchased that year. By 1989 foreign markets accounted for nearly 40 percent of group sales, up from 14 percent in 1985.
P&G's brand equity was threatened by the weak economy and resultant consumer interest in value in the late 1980s and early 1990s. This value orientation resulted in stronger performance by private labels, especially in health and beauty aids. Private labels' market share of that segment grew 50 percent between 1982 and 1992, to 4.5 percent.
To combat the trend, P&G inaugurated "Every Day Low Pricing" (EDLP) for 50 to 60 percent of its products, including Pampers and Luvs diapers, Cascade dish soap, and Jif peanut butter. The pricing strategy was good for consumers but was compensated for with lower promotion deals for wholesalers. Some retailers objected to P&G's cut in promotional kickbacks to the point of actually dropping products, but others welcomed the value-conscious positioning. P&G redirected the money it saved from trade promotions for direct marketing efforts that helped bring coupon and sample programs to targeted groups for brands with narrow customer bases like Pampers, Clearasil, and Oil of Olay.
In the 1990s Procter & Gamble also hopped on the so-called green bandwagon of environmental marketing. It reduced packaging by offering concentrated formulations of products in smaller packages and refill packs on 38 brands in 17 countries.
While P&G expanded its presence in cosmetics and fragrances through the July 1991 acquisition of the worldwide Max Factor and Betrix lines from Revlon, Inc. for $1.03 billion, it also divested holdings in some areas it had outgrown. In 1992 the corporation sold about one-half of its Cellulose & Specialties pulp business to Weyerhaeuser Co. for $600 million. While vertical integration had benefited P&G's paper products in the past, the forestry business had become unprofitable and distracting by the 1990s. The corporation also sold an Italian coffee business in 1992 to focus on a core of European brands. P&G hoped to introduce products with pan-European packaging, branding, and advertising to capture more of the region's well-established markets. Meanwhile, Pantene Pro-V was introduced in 1992 and quickly became the fastest-growing shampoo brand in the world.
Major Restructuring Began in 1993
Company sales surpassed the $30 billion mark in 1993. Under the leadership of chairman and CEO Edwin L. Artzt and president John E. Pepper, Procter & Gamble that year launched a major restructuring effort aimed at making the company's brand-name products more price competitive with private label and generic brands, bringing products to market faster, and improving overall profitability. The program involved severe cost-cutting, including the closure of 30 plants around the world and the elimination of 13,000 jobs, or 12 percent of P&G's total workforce. The $2.4 billion program, which culminated in 1997, resulted in annual after-tax savings of more than $600 million. It also helped to increase Procter & Gamble's net earnings margin from 7.3 percent in 1994 to 10.2 percent in 1998.
During the restructuring period, the company continued its brisk pace of acquisitions. In 1994 P&G entered the European tissue and towel market through the purchase of Vereinigte Papierwerke Schickedanz AG's European tissue unit, and added the prestige fragrance business of Giorgio Beverly Hills, Inc. That year also saw Procter & Gamble reenter the South African market following the lifting of U.S. sanctions. The company altered its geographic management structure the following year. P&G had divided its business into United States and international operations but would now organize around four regions--North America, Latin America, Asia, and Europe/Middle East/Africa. In July 1995 Artzt retired, and was replaced as chairman and CEO by Pepper. Durk I. Jager was named president and chief operating officer.
In 1996 Procter & Gamble purchased the Eagle Snacks brand line from Anheuser-Busch, the U.S. baby wipes brand Baby Fresh, and Latin American brands Lavan San household cleaner and Magia Blanca bleach. In celebration of the 50th anniversary of Tide's introduction, the company held a "Dirtiest Kid in America" contest. Also in 1996 P&G received U.S. Food & Drug Administration (FDA) approval to use olestra, a controversial fat substitute, in snacks and crackers. The company had developed olestra after 25 years of research and at a cost of $250 million. The FDA go-ahead came after an eight-year investigation and included a stipulation that foods containing the substitute include a warning label about possible gastrointestinal side effects. P&G soon began test-marketing Fat Free Pringles, Fat Free Ritz, and other products made using olestra.
In July 1997 Procter & Gamble spent about $1.84 billion in cash to acquire Tambrands, Inc. and the Tampax line of tampons, thereby solidifying its number one position worldwide in feminine products. The company sold its Duncan Hines baking mix line to Aurora Foods of Ohio for $445 million in 1998.
In September 1998 P&G announced a new restructuring initiative, dubbed Organization 2005. In 1996 the company had set a goal of doubling sales from $35 billion in 1996 to $70 billion by 2005. But sales stood at just $37.15 billion by 1998, only a four percent increase over the previous year, although seven percent-per-year increases were needed to maintain the desired pace of growth. A key element of this restructuring was a shift from an organization centered around the four geographic regions established in 1995 to one centered on seven Global Business Units based on product lines: Baby Care, Beauty Care, Fabric & Home Care, Feminine Protection, Food & Beverage, Health Care & Corporate New Ventures, and Tissues & Towels. According to a company press release announcing the new structure, "This change will drive greater innovation and speed by centering strategy and profit responsibility globally on brands, rather than on geographies." Jager would lead this reorganization, as it was announced at the same time that he would become president and CEO on January 1, 1999, with Pepper remaining chairman until September 1, 1999, when Jager would also assume that position.
Principal Subsidiaries: Fisher Nut Company; The Folger Coffee Company; Noxell Corporation; The Procter & Gamble Cellulose Corporation; The Procter & Gamble Distributing Company; Procter & Gamble Eastern Europe, Inc.; Procter & Gamble Far East, Inc.; Procter & Gamble FED, Inc.; The Procter & Gamble Global Finance Company; Procter & Gamble Health Products, Inc.; Procter & Gamble Interamericas Inc.; The Procter & Gamble Manufacturing Company; The Procter & Gamble Paper Products Company; Procter & Gamble Pharmaceuticals, Inc.; Procter & Gamble Productions, Inc.; Procter & Gamble Scandinavia, Inc.; Richardson-Vicks Inc.; Rosemount Corporation; Shulton, Inc.; Tambrands Inc.; Productos Sanitarios S.A. (Argentina); Procter & Gamble Inc. (Canada); Procter & Gamble S.A. (France); Procter & Gamble Hong Kong Limited; Procter & Gamble-Hutchison Ltd. (Hong Kong); Procter & Gamble India Limited; Procter & Gamble Italia, S.p.A. (Italy); Procter & Gamble de Mexico, S.A. de C.V.; Procter & Gamble Philippines, Inc.; Procter & Gamble A.G. (Switzerland); Procter & Gamble Manufacturing (Thailand) Limited; Procter & Gamble Health & Beauty Care-Europe Limited (U.K.); Procter & Gamble Limited (U.K.); The Procter & Gamble U.K. Tissue Company; Thomas Hedley & Co. Limited (U.K.).
Principal Operating Units: Baby Care; Beauty Care; Fabric & Home Care; Feminine Protection; Food & Beverage; Health Care & Corporate New Ventures; Tissues & Towels.
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