By James Wells
LONDON: After purchasing the Gillette Group for $US57 billion earlier this year, Procter & Gamble has sold off a section of the Braun business which is believed to be a non-core asset to the fast moving consumer goods (FMCG) company.
Procter & Gamble has sold Braun’s infrared thermometer called Thermoscan, digital thermometers and wrist blood pressure monitoring business to US-based consumer device company – Kaz.
According to a report by Forbes, the deal includes a licensing agreement, under which the products will be marketed by Kaz under the Braun brand.
"With this decision, Braun will be able to further build its leadership role, accelerate growth and focus on innovation in our core categories,’ said Global Braun president, Bracken Darrell.
‘Kaz is especially excited about the growth opportunities this brings to our European business," said Kaz chief executve, Richard Katzman.
Kaz is currently the US market leader in digital thermometers and with the addition of Braun Thermoscan it will become the worldwide thermometer leader, said the firm.
Braun and its vendors will continue manufacturing thermometers and blood pressure monitors for a ‘significant’ period of time after the transaction, said Kaz.