Procter & Gamble Co.

Procter & Gamble’s journey began in the 19th century, supplying soap and candles. The two men who are the namesake of the company merged their companies together, observing that Cincinnatti had the chief ingredient for both soap and candles – animal fat. During the American Civil War, the company secured contracts to supply the Union Army, significantly boosting its profile. In the 1880s, P&G introduced Ivory soap, a product that floated in water, marking a significant innovation in the industry. Over the years, P&G expanded its product lines and global reach, its focus on soap expanded into liquid detergents and it is behind the term ‘soap opera’ because it sponsored ‘The Puddle Family’ radio opera. It expanded into other brands including toothpaste, coffee and personal hygiene over time – a key step was acquiring Gillette in 2005 for US$57bn, the largest deal in its history. In 2014, the company streamlined its operations by divesting around 100 brands to focus on its most profitable 65, accounting for 95% of its profits, but still continued to acquire. Key mobes included selling Duracell to Berkshire Hathaway in 2016, and buying the consumer division of Merck in 2018. In 2023, it unveiled another plan to cull brands contributing little to sales.