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CINCINNATI - Procter & Gamble announced on Tuesday its intent to sell the Comet global trademark and retail business in North America to Prestige Brands International Inc. As part of a licensing arrangement with Prestige, P&G will continue to market the retail brand in Central and Eastern Europe and the away-from-home brand, Professional Line Comet, in North America.
Comet cleanser is Prestige Brands' third acquisition, and expands the company's portfolio into the $3 billion Household Cleaning category. Comet is one of the most widely recognized cleaning products in the United States, and has been a top selling brand for over 45 years.
Prestige Brands is a consumer products company that was formed in 1999 for the purpose of buying and marketing popular consumer products. Prestige's first acquisition was Prell Shampoo, which the company purchased in November 1999. Subsequently, Prestige Brands purchased Chloraseptic Throat Sprays and Lozenges in March 2000.