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Home Industry News Colgate-Palmolive announces sale of subsidiary

Colgate-Palmolive announces sale of subsidiary

21st November 2008

Colgate-Palmolive has announced the sale of its wholly-owned Nepal subsidiary.

The selling, to a local company in the country called Everest Hygiene Products, marks an exit for the oral care company from the kingdom.

Colgate-Palmolive will however continue to source toothpowder from a factory in Hatauda, Nepal, in order to allow for continuing operations and exports.

As a result of the decision, two of the subsidiary’s senior managers were seized, following workers’ accusations the company had not sufficiently informed them of its proposals.

The detainees were eventually handed to the police.

Last month, Colgate-Palmolive announced its third quarter results, which exceeded the company’s profit expectations.

The company’s worldwide sales grew 13 per cent to $3,988 million (2,701 million pounds), with unit volume increased three per cent.

Global pricing increased 6.5 per cent for the company, with foreign exchange adding 3.5 per cent.

The growth was further supported by a six per cent increase in worldwide advertising, resulting in a record level for the quarter.

Established in 1806 as a soap and candle business in New York, US, Colgate placed its first newspaper advertisement in 1817.

Today, the organisation Colgate has four core businesses including oral care, personal care, home care and pet nutrition.

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