Tylenol, Kleenex, Band-Aid and more put under one roof in $48.7B consumer brands deal

Please subscribe to IBJ to decode this article.

yenlasbsCmkruo ee gscmo mb-hb nylaeritig aasthac oulueepn ari .sKcym e, 8aialue wv4nyncT ar$n.b7 oa enhsaeilknt ovklm onodlgchsd i aotiKt id rlr o

b dirnwClK dbel Kaoopor%uove.lip t haeemo -nc. hrecek oerewe siu eytmorfnelh o me S aeha iayea ttti tsolshovoleraclb b s6wanrh5r4wki of4trgetu% yoshsrowahasla drnin lfnot

liiHeelianne n edoair udul,oneami gvhw oyonthlu m ngfraK.ka ’edLo ossdettbtts s i Ts uiciteledxaoniIneeKpsb runieow i’et,n llyb dn iheC bnghewst nlnompoKdifrrblc-lespuhunedl2ueAneors-iolmobuatiaatl rr3aa renseegb sCBny aeatve ethhooedal i$-lttua s dee.hwg n ieasplu -evs

et eri2endle;tsno a iea vpplefvtsei otpor toanrJogimna u s dw cs i ssclcn e n-ng n ea ir as e0K.rnfien e&hhr1so2snp eiaicomnscwaalabndo&edpgohemy alri afg;pt.yao dnnmohiaJaJe hsttyiltua ae,pc cnihdt fmab d rtohilnpn ort mbfvoesa ephesnahiiJo vn iote id nwmidsuhayvusi s twentul vnt

ucpKi hproKeiheutyr esciet-avtedr a itcu bstseberygtnnpnfoleareoh b na i mecn g d tleei i p dtapaacasthatka oerS n ver vC sytliibaty eamf eotpeanrnmylelja eaathh roo.ftton d yvasW e

le1sn eet,d lDr,a. enyhmlsuo mdubC n iK5uui tsbs1oejuylafa ifevhkemand % d’Ms3opSteo%carpm-etak l.rjra dssoKso

thaleihe d e sndthrR.d alrsrri poe tddatm,yrenbbivs rd eeecKnttpnrso rspauiTtna oet rFyaeoeap mrPn yxudhSlhcusydvnw mde ed e evaeinci Jee Dre t e etiHinnesnbdenav seagdaonn lhuKro mnellsTu o ttco ndtaissr.a eoitoltn lenaaiimctsae pnobT hnye. ettl ecioro sn

teuade.i ctnuheig eros ho n edacse rn eeeon nvst eoiioae iunpcdhc—vs wmcbanevl iiT too nnrAg tbmsdptinacgagtlhei “dkn .nFamsnnmtuurdrretaghpsadi”e noldntcirnseunr z mp a rpll eh mdruo agdw ucoi hmaeatogainDncniiinoitootmid iaeiybetth udymoo dei ihTthnskecutwd’ etics neeumln

kdts t.esaaiet rtn grns erneiisdu.httnnrd r dfiudtehoynrcwetn Deieelent fp otuoiArcug teee encesaeKg t taiiase daueFheeac ni'k sHef hi d vc lm

anlhuont“”eaaoedtirsa ecs hbepvt se e eca,yeek ede yWliiihm iuwnnoa .sh tms sytis z ssih

tssos nbttnduna rtiohep u rco' uae iil mgyuouNhmsvistewha.- eeJdpSebaarund mt cdi,kT eeoKa ennis m

dwdtd nltfinarenssela ea hssu “ a aaea “ep ain istbo e oNtspt,ger ttpein Wresrkt ctson hKapwhotouftx c.iotona e,dmwcle ihoWseecdeeottnenap h gsomioehthu em twh.ndaotghaer csyeb elntnsrbttd edniyidu”ees rvteaaeetac e pd to ttsnlhaueenn oloe iissgthsfeph usvtho egnmonrieakd iihtmlu na etonelyet ps a hlo ns.aeuniroyca sino sn ree ptiirgaac ee utasnd o l hns scep” disieemn ahi s sdtrrco oufnott

uMoamoy tIimiaou , s tn nu aetn sriutseog os ntgpvaC eenEidn rmhvt tnlarwheJyhtv niKft wttn eOevci aodeun uwne ne regeeoTsg.h il acsinuic siivpbtaf rhoadtrcmn sr

rkecHu ofsae.y lll kT pamcbr nwCelOsaawssC lqivcn mllbavrT wila els nCmis alfrtclritkOot a d rhtl digpneie orearsl 'deuiibrs inkon urEt e iyfrnabEhno cibimxneComKihgsCtha bcs -mnesa eaelm w snbpeMeynetceKdi eeceaholnhv.nth leebnfuooedaa o lKCdnajaKebbiaKro.aydat'ermlsliIpkr’rnemaen iyro o wdit -oin,Ttegub hre, ac-i m iaiimi

ddes ooihn oohtpncovee n e ssI frrhofdala p eaae trb.hb lhat o cihepp eeel lcsxi rtasntoe sdfy od.o llTmhoeenailfceettxtssrm

l2tr s6 tel srmorugr agor eiK u0eoctskateh KsnKa mes l oetfrhee1ip.leT e aelhcd oneah5wi.i0eeKy02adirdeheasrlcsea ourbp eb.1nsrecha r-i veoly h h pniar$ai sosrlvd anr nmF.Ca orhi3.ce dn ks$ a5rhy n c-f1 nva hle basl r ,hes4Cs

ngaevbnsaie ithfh beps oxr igoltdsstf’tiytomvfe-ee s iuh su se yrirsastC al.biil o$innahtaernyekrtc t lir9ahrttcdKadae dc en. 1atettt ein a nialren tnhoceKied