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P&G Plans to Exit Duracell as CEO Slims Down Company

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Procter & Gamble Co. plans to exit its Duracell battery business as part of Chief Executive Officer A.G. Lafley’s efforts to slim down the company.

P&G will probably split the battery business into a stand-alone company and give shareholders the option of exchanging P&G shares for stock in the new entity, according to a statement today. The company also posted first-quarter profit that met analysts’ estimates.