Gillette Profit Up

Gillette profit up 17 percent heading into acquisition by P&G

Gillette's second-quarter profit grew 17 percent heading into the company's acquisition Cincinnati-based Procter and Gamble.

Household items maker Gillette reported strong demand for its newest men's and women's razors, as well as established products. Gillette says today its net income for the period was 498 million dollars, or 49 cents per share. That's compared with a profit of 426  million dollars, or 42 cents a share, in the same quarter a year ago. The latest quarter's performance beat Wall Street expectations by about three cents per share.

P&G expects to close on its 57 billion dollar acquisition of Gillette in the fall. Both companies' shareholders approved the deal July 12, and European Union regulators gave consent three days later.