P&G Seeks Buyer for Japan Adult Diaper Brand
Procter & Gamble said on Thursday it was seeking a buyer for its Japanese adult diaper business even as the market posts steady growth due to the country's greying population.
P&G, known for products such as Tide detergent and Pampers diapers, said it was looking to unload its Attento diaper brand because it did not fit into its strategy of focusing on products that it can expand on a global scale.
The company launched Attento nationwide in 1982. The diaper is now sold mainly in Japan, with a small amount of sales in Hong Kong. P&G does not sell adult diapers anywhere else.
P&G spokeswoman Minako Yoshikawa said the Japanese market for paper diapers is worth about 60 billion yen ($500 million) and is growing at about 5 to 10% a year.
The top three makers of adult diapers in Japan are Uni-Charm, unlisted Hakujuji and Kao. P&G's Attento ranks fourth, Yoshikawa said.
P&G said in a statement it would keep and continue to run the business if it could not find a suitable buyer at the right price.
Nomura Securities, a unit of Nomura Holdings will handle the deal, it said.