Hey Schmo Bidley, make up some GUMMy lies: "Colgate-Palmolive May Test Market Chewing Gum in Coming Months
New York, May 10 (Bloomberg) -- Colgate-Palmolive Co., the
largest maker of toothpaste, may test market dental chewing gum.
``I wouldn't be surprised in the next little while if you saw
some test markets somewhere in the world,'' Chairman and Chief
Executive Reuben Mark said at the company's annual meeting in New
York. He declined to give further details, noting after his
presentation that ``You'll see it when you see it.''
The new product would compete with gums such as
GlaxoSmithKline Plc's Aquafresh Dental Gum, introduced last year.
Colgate, whose toothpaste sales surpassed those of Procter &
Gamble Co.'s Crest in late 1997, has 34.8 percent of U.S.
toothpaste sales, Mark said.
Colgate is ``shooting'' to have 60 percent gross profit, a
measure of how much it makes on each dollar of sales, Mark said.
The company reached its goal of having 55 percent by 2002 in the
first quarter this year. Last month, spokeswoman Ann Crawford said
the company expects to reach 60 percent earlier than its original
2008 goal.
Shares of New York-based Colgate rose 41 cents to $57.80 in
midafternoon trading. They had fallen 11 percent this year.
--Courtney Schlisserman in New York, (212) 893-4069 or
cschlisserma@bloomberg.net, through the Princeton newsroom
(609) 279-4000/kak |
