Procter & Gamble has announced that it has sold the perpetual rights for the manufacture of Braun-branded products to appliance maker De’ Longhi. The group noted that it will continue to own the Braun brand.
De' Longhi said it will pay €50m when the deal is finalised, with an additional €90m being paid out over the next 15 years. It will also pay up to €74m on the basis of Braun sales over the first five years of the agreement.
The Italian firm added that it will acquire “certain production assets” in Germany from P&G. Some P&G workers, most of whom are posted in Germany, are also due to become De Longhi employees as soon as the transaction is completed.