P&G predicts rise in costs
NEW YORK Buyers of Proctor & Gamble products could soon pay higher prices.
Dow Chemical, one of P&G’s main suppliers of the materials it uses to make its products, has had to increase costs by up to 20 percent to defray rising prices of energy and raw materials. P&G does not know how much that will affect prices of its own products, whose prices have already increased this year by between 6 and 10 percent.
The company reported that first-quarter spending on raw materials had increased by 42 percent, and that the increase in prices for its materials was the largest in its 111-year history.
Dow’s stock price was down by 0.03 percent at 2:57 p.m. Thursday on the New York Stock Exchange.
Revlon announces plans to regain NYSE compliance
NEW YORK Beauty company Revlon announced on Friday that plans to regain compliance with the New York Stock Exchange’s criteria of $1 per share average closing price over 30 consecutive trading days through its pending reverse stock split.
As previously reported in its April 11, 2008 current report on Form 8-K filed with the SEC, the company was advised by the New York Stock Exchange in April 2008 that the price of its Class A common stock was below the NYSE’s price criteria, requiring at least a $1 per share average closing price over 30 consecutive trading days. The company’s Class A common stock continues to be listed on the NYSE.
In April 2008, Revlon advised the NYSE that its board of directors and stockholders had already approved a 1-for-10 reverse stock split of Revlon’s Class A and Class B common stock and that it intended to regain compliance with the NYSE’s price criteria, by, among other things, implementing the split.
Revlon has six months following the April 2008 notification to bring its share price and 30 trading day average share price to $1 or above, during which time the company’s Class A common stock will continue to be listed on the NYSE.
Barrier, P&G to combine dandruff shampoo with dermatitis treatment
PRINCETON, N.J. Barrier Therapeutics, a manufacturer of dermatology products has signed a deal to combine Procter & Gamble’s dandruff shampoo Head & Shoulders with its dermatitis treatment Xolegel, according to the Associated Press.
The new kit will be called Xolegel Duo and is expected to be available by prescription in June.
Under the terms of the agreement, Procter & Gamble will supply small bottles of the shampoo to Barrier who in turn, will be responsible for producing the kits and selling them. As a result, Barrier will receive all profits from sales of Xolegel Duo.