May 12, 2005 11:47 ET

Gillette CEO Reviews 2004 Business Results and Comments on Proposed P&G Merger at Annual Shareholders Meeting

RYE BROOK, N.Y.--(CCNMatthews - May 12, 2005) -

James M. Kilts, Chairman, President and Chief Executive Officer of The Gillette Company (NYSE:G), today reviewed the Company's results for 2004, which he described as "an outstanding year," and briefly discussed the proposed merger with Procter & Gamble. Mr. Kilts spoke here at the 2005 Annual Meeting of Gillette Shareholders.

Mr. Kilts noted that 2004 was Gillette's second consecutive year of record results, with double-digit increases in net sales, profit from operations and earnings per share. "Importantly, we made significant progress throughout our business last year. We achieved solid gains in all regions of the world and in all of our core categories," he said, adding that, "I am confident of our ability to continue to deliver consistent growth going forward."

Mr. Kilts also commented on the proposed merger with Procter & Gamble, saying that it "would create the greatest potential benefits for Gillette and our shareholders and would offer significantly increased opportunities for the vast majority of our employees."

Describing the fit between Gillette and P&G as excellent, Mr. Kilts said, "Gillette's five billion-dollar-plus icon brands would join P&G's 16 billion-dollar-plus brands to give our new combined company one of the greatest brand portfolios in history. Our Board of Directors and our management consider this a historic opportunity for our Company, our shareholders and our employees, and we recommend that you vote in favor of the proposed merger."

At the meeting, shareholders elected four directors to serve for three-year terms that expire at the 2008 Annual Meeting. The directors were Michael B. Gifford, Ray J. Groves, Fred H. Langhammer and Marjorie M. Yang. If the proposed merger with Procter & Gamble is completed, each of the directors will serve as a director only until the effective time of the merger.

Contact Information

  • The Gillette Company
    Eric A. Kraus, 617-421-7194
    Vice President, Corporate Communications