Colgate president likes look of Listerine

Colgate-Palmolive Co sees Pfizer Inc's Listerine mouthwash as something that could fit very well in its oral care product lineup, and would look at other parts of Pfizer's business up for sale but would not overpay, Colgate's president said today.

President and Chief Operating Officer Ian Cook told investors at a Bank of America conference that Listerine is strategically right and that Colgate will look at buying the brand "very, very aggressively."

Pfizer said in February that it may spin off or sell its consumer products business, and said in early March that it had no interest in breaking up the brands. The brands include Listerine, Rolaids antacid and Sudafed cold pills.

When asked whether Colgate has any interest in the rest of Pfizer's consumer product business, Cook replied that Colgate would look at them as well and that the process has just started.

Cook, who is set to become Colgate's chief executive in 2007, also affirmed Colgate's expectations for growth through 2010, which the company's current CEO, Reuben Mark, gave at an investor presentation in late February.

Colgate still expects to post double-digit earnings per share growth on a percentage basis in 2006, starting in the first quarter. By 2010, Colgate expects to reach gross profit margin of 60 per cent. That margin was 56 per cent in the 2005 fourth quarter, excluding restructuring charges.

- REUTERS