NEW YORK — Procter & Gamble is cleaning house.
The nation’s largest consumer product company, will be dumping about 90 of its smaller, less popular brands. The move, announced Friday as executives discussed earnings with investors, will still leave the company with portfolio of 70 to 80 brands. Company officials did not immediately identify the names of the brands being cut. Some will be sold to new owners, others will just be closed down.
P&G will continue to sell many of the best known products found in American households, including Tide laundry detergent, Charmin toilet paper, Gillette razors and Pampers diapers, Crest toothpaste and Bounty paper towels.
The brands the company is keeping account for 90% of the company’s annual sales of $83 billion.
“We’re going to create a faster growing and more profitable company that is far simpler to manage and operate,” said CEO A.G. Lafley. “Less will be much more.”
Lafley didn’t mention anything about whether the move would affect jobs at the company.
Shares of P&G jumped more than 3% in trading Friday following the brand announcement and earnings report. But shares are still slightly lower for the year.