Applica Incorporated has announced that Applica Consumer Products, Inc., its wholly owned U.S. operating subsidiary, entered into an agreement in 2000 with a leading and pre-eminent manufacturer of packaged goods -- The Procter & Gamble Company -- to begin co-development of several home-based consumer product programs that will be available at retail in 2004.
In a company statement, Applica said the joint initiatives "will employ the marketing power of the Black and Decker® brand…with the renowned marketing prowess of Procter & Gamble and its leading consumer brands."
Harry D. Schulman, president and CEO of Applica Incorporated commented: "This is truly an exciting and defining moment for Applica as we embark on a much anticipated journey together with a leader in consumer packaged goods. Much to our delight, and with a formula that attempts to overwhelm consumer purchase decisions with trusted and recognizable brands, we are introducing consumer products that we anticipate will redefine consumer behaviors and pioneer new categories."
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