Gillette Acquires a Majority Interest in Chinese Battery Company Aug 12, 2003

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The Gillette Company (Boston, MA, U.S.) announced on Monday that it has acquired a majority interest in Fujian Nanping Nanfu Battery Co., Ltd., a leading battery company in China.

The transaction was completed by acquiring the entire equity interest in China Battery International Limited from China Battery Holdings Limited.

Terms of the deal were not disclosed. Gillette said the acquisition would be nominally accretive to this year's earnings.

Nanfu has annual sales of more than U.S. $80 million, and its batteries are distributed through more than 3 million retail outlets in China. The company has a state-of-the-art manufacturing facility and is located in Nanping (Fujian province).

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