Procter & Gamble Co. (NYSE: PG) has sold the Tag deodorant and fragrance brand to My Imports USA. The transaction is part of P&G’s plan to divest several non-core assets so the company can focus on its core Pampers, Bounty, Charmin, Crest, Tide and NyQuil product lines.
Tag is known for the Midnight, Wild Card, Lucky Day, After Hours, All Nighter, Make Moves, Get Yours, Spin It and Step out fragrances. The target became part of P&G when the latter acquired Gillette in 2005. My Imports is planning on growing Tag by introducing new deodorants, body sprays, body washes as well as other men’s grooming products. Financial terms of the deal were not disclosed.
My Imports is a privately-held Secaucus, New Jersey-based consumer and household products manufacturer and distributor. The company produces Amoray and Bio Power cleaners along with Ultra Max razors.
Cincinnati-based P&G has plans to sell 105 brands, including 40-plus beauty brands to Coty Inc. (NYSE: COTY). The company recently completed the sale of Duracell batteries to Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) and agreed to sell the global license and certain assets of the Christina Aguilera fragrance business to the Elizabeth Arden Inc. (Nasdaq: RDEN).
P&G along with several other consumer companies have been reshuffling their portfolios through M&A in an effort to boost profitability. Prestige Brands Holdings Inc. (NYSE: PBH) has agreed to sell the Fiber Choice, New Skin and PediaCare brands to Moberg Pharma AB for $40 million in cash. The sale is part of Prestige’s “invest for growth” plan, while it gives Moberg a chance to expand in the U.S. Church & Dwight Co. (NYSE: CHD) sold the Cameo copper and brass cleaner, Snobol toilet bowl cleaner and the Parsons’ ammonia brands to Brillo owner Armaly Brands.
ConAgra Foods Inc. (NYSE: CAG) completed the sale the JM Swank food ingredient distribution business to Platinum Equity. The company is in the process of spinning off the Lamb Weston frozen french fries division into a separate publicly-traded company and completed the sale of its private label division.
Newell Brands (NYSE: NWL) is also buying and selling. The company, which won Mergers & Acquisitions' 2015 M&A Mid-Market Award for Strategic Buyer of the Year, agreed to sell Levolor and Kirsch window covering brands to Hunter Douglas for $270 million. In 2015, Newell paid $600 million for Elmer’s Product’s Inc.