Procter & Gamble Co. (PG) remains committed to the shaving category via its well-known Gillette brand.
The consumer products giant said Tuesday it took an $8 billion write-down on the carrying value of Gillette’s goodwill in the most recent quarter. P&G pinned the blame on currency devaluations since it bought Gillette for $57 billion back in 2005. The company also cited ongoing tough competition in the razor blade category.
P&G has no plans to sell off the Gillette shaving care business, Chief Financial Officer Jon Moeller tells Yahoo Finance. Moeller highlighted the brand’s strong earnings and cash flow generation profile as one reason. The veteran P&G executive also said Gillette fits the company’s current focus on innovating around daily-use consumer product categories.