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P&G to split off Duracell battery business

[October 24, 2014] (Reuters) - Procter & Gamble Co  said it would split off its Duracell battery business into a separate company as it looks to focus on its faster-growing brands.

The world's largest household products maker also reported a slight fall in quarterly sales.

Net income attributable to Procter & Gamble fell to $1.99 billion, or 69 cents per share, in the first quarter ended Sept. 30 from $3.03 billion, or $1.04 per share, a year earlier.

The maker of Pampers diapers and Tide detergent said net sales fell to $20.79 billion from $20.83 billion.

The company said in August that it could sell about half of its brands in the next two years and cut jobs to revive sales growth and save costs.

(Reporting by Sruthi Ramakrishnan in Bangalore and Nandita Bose in Chicago; Editing by Kirti Pandey)

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