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Gillette Co., which agreed to be bought by Procter & Gamble Co. in a U.S. $57-billion stock deal in January, said that integration planning work for the acquisition was on schedule.
The P&G/Gillette Transition Steering Committee met on May 23 and all integration planning teams were up and running, Gillette said in a filing with the U.S. Securities and Exchange Commission.
Boston, MA, U.S.-based Gillette also provided a list of several senior executives expected to join P&G in key leadership roles, subject to approval by the P&G board once the deal is closed.
Gillette said several of those executives, such as Peter Hoffman, who heads the company's blade and razor business, will stay in Boston, where Gillette is currently based, after the acquisition by Cincinnati-based P&G. Duracell and Braun, currently owned by Gillette, will maintain their headquarters in Bethel, Connecticut, and Kronberg, Germany, respectively.
Gillette said the steering committee would meet again in mid-July. Shareholders of both companies are set to vote on the deal in June. (Reuters)
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