Gillette daughter company holds extra emission

Petersburg Products International, the Russian daughter company of Gillette Company, is getting equipment worth 502 million rubles in exchange for the extra emission of shares.

Petersburg Products International announced the news. Gillette Petersburg Investment Inc., being the only shareholder of Petersburg Products International, has decided to raise the authorized capital of the latter up to 585 million rubles.

The Gilette company will also restructure its blade and razor manufacturing, packaging and warehouse operations throughout Europe and Russia, to cut costs and improve operational efficiency, the company has announced in Boston. Two British plants will be closed and their operations moved to Russia.

News source: www.dp.ru

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