Procter & Gamble (P&G) will sell its Port Qasim, Karachi manufacturing facility to Colgate-Palmolive (Pakistan) Limited. Colgate-Palmolive’s board approved the asset purchase agreement. The company announced the deal to the Pakistan Stock Exchange on Friday.
The transaction supports P&G’s global restructuring strategy. P&G is discontinuing direct business operations in Pakistan. The company will transition to a third-party distributor model.
The deal awaits final agreement execution and regulatory approvals.