Procter and Gamble Buys Gillette

Cincinnati's largest corporation is going to become significantly larger. Procter and Gamble, America's largest home products company, will buy the fifth largest, Gillette, forming the world's largest consumer products company.

The 57 billion dollar stock deal will add 5 brands to P&G's current portfolio of 16 brands that have more than a billion dollars in sales each year. Besides Gillette's shaving products, Gillette also owns Oral B, Duracell, and Braun appliances.

The purchase is the largest in P&G history. The purchase adds 30 thousand to P&G's current 110 thousand workers, but about 6 thousand of those jobs will be eliminated due to cost savings. Those changes will take place over a period of time, and the company is not specifying where they will happen.

P&G's headquarters will remain in Cincinnati, and A.G. Lafley will remain as CEO. P&G says the Gillette operations in Boston will largely remain, but is not specifying execatly which functions might be moved where.

Watch the Ten O'Clock News tonight for more details of this huge acquisition.