Procter & Gamble Co., the world’s largest household-products maker, will be an official sponsor for the U.S. Olympic teams at the 2010 Winter Games in Vancouver and the 2012 Summer Games in London.
P&G; and the U.S. Olympic Committee announced the partnership in a news release, without disclosing financial terms. Since last year’s Beijing Olympics, the USOC had lost partners including Bank of America Corp., Home Depot Inc., General Motors Co. and Eastman Kodak Co.
P&G;, whose brands include Olay, Bounty, Crest, Scope, Pringles and Pepto-Bismol, becomes a sponsor for personal, oral care, beauty and household cleaning products, pre-packaged potato snacks and cold, flu and stomach remedies.
“Our partners provide us with the resources, both monetarily and with in-kind products, to support the U.S. Olympic team,” Stephanie Streeter, the USOC’s acting chief executive officer, said in a statement.
Home Depot didn’t renew its 16-year accord with the USOC, worth about $4 million to $5 million a year, while General Motors ended a 24-year partnership worth about $7.5 million annually. Kodak had been an Olympic sponsor since 1896, while Bank of America ended a 16-year partnership.
(Source: Bloomberg)
