From Deseret News archives:
CEO offers reassurances to P&G shareholders
A.G. Lafley, chairman and CEO of the consumer products maker, cited P&G's record of years of steady earnings and sales growth and said that even with the current market turmoil they can count on P&G for the long haul because of its strong fundamentals.
"While the economic environment remains volatile and uncertain, I am confident that P&G can and will continue to prosper over the long term," Lafley said, adding: "P&G should continue to grow reliably over the long term."
Procter & Gamble broke ground in May for a paper-products plant near Bear River in Box Elder County. The 1 million-square-foot plant on a 720-acre site will initially employ 300 people when it begins producing Bounty paper towels and Charmin toilet paper in late 2010.
Lafley said P&G has been increasing productivity, controlling costs and adding innovations to a product portfolio that includes 24 brands with annual sales of $1 billion or more and 20 others with sales between $500 million and $1 billion.
"They are built to grow through any economic cycle," he said.
The stock was on a run of record highs this time last year that took it to $75.18 in December. It had fallen last week as low as $59.56, but has partially bounced back this week with the broader market rally. Shares closed Tuesday at $64.10, up 81 cents or 1.3 percent.
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