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P&G says Canada denies tariff exemptions, many products hit

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07/12/2018 | 08:03pm CEST
FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the NYSE in New York

CHICAGO (Reuters) - Many Procter & Gamble Co products sold in Canada - from Febreze candles to Gillette shaving foam - will be affected by retaliatory tariffs on U.S.-made goods after Canadian authorities rejected a request for exemptions, a P&G spokesman said on Wednesday.

P&G said Bounty paper towels, Charmin toilet tissue and Puffs facial tissue - made in a facility in Mehoopany, Pennsylvania - would be taxed, as would Cascade automatic dish washing detergent, Febreze aerosols, Pantene hair sprays and Olay body wash and more.

"The vast majority of our Canadian products are imported from the U.S.," P&G spokesman Damon Jones told Reuters.

Jones said P&G had unsuccessfully petitioned the International Trade Policy Division of Canada's Department of Finance for exemptions on its products. Exemptions occurred in some consumer packaged food categories, he added.

"The Canadian government has deemed that these P&G products are non-essential and therefore does not need to grant exemptions on them," said Burt Flickinger, managing director of consultancy Strategic Resource Group. All major consumer packaged goods companies with U.S. operations will have applied for similar exemptions, Flickinger added.

"The selection of products on the final list was informed by the feedback we received from Canadians, as well as our government's internal analysis," said Pierre-Olivier Herbert, a spokesman for Canadian Finance Minister Bill Morneau, whose department is responsible for granting such exemptions.

This month, Canada struck back at the Trump administration over U.S. steel and aluminum tariffs, imposing taxes on C$16.6 billion of U.S. packaged goods, steel and aluminum products.

It levied a 10 percent surtax on a wide range of consumer goods from soup and whiskey to hair-care and manicure products, according to a list by the Department of Finance.

P&G, the second-largest packaged goods company in the world after Nestle SA, said Canada accounted for about 3 percent of its total revenue of $65.1 billion last year. This amounts to just under $2 billion in sales from Canada, according to Reuters calculations.

Nestle had no immediate comment on how tariffs would affect its business, while Anglo-Dutch rival Unilever Plc declined to comment

Like other global consumer companies, P&G is already under pressure to boost sales as consumers flock to fresher products and newer brands.

"We believe in free trade, putting us and our international competitors, wherever they are, on an equal playing ground. Tariffs create a barrier to that," Jones said.

(Reporting by Richa Naidu. Additional reporting by David Ljunggren in Ottawa and Martinne Geller in London; Editing by Steve Orlofsky)

By Richa Naidu

Stocks mentioned in the article
ChangeLast1st jan.
NESTLÉ -0.77% 80.18 Delayed Quote.-4.32%
PROCTER & GAMBLE COMPANY -0.30% 84 Delayed Quote.-8.30%
UNILEVER -0.38% 4237.5 Delayed Quote.2.71%
UNILEVER (NL) -0.06% 48.165 Delayed Quote.2.58%
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Financials (CHF)
Sales 2018 91 710 M
EBIT 2018 15 150 M
Net income 2018 11 222 M
Debt 2018 25 947 M
Yield 2018 3,10%
P/E ratio 2018 21,80
P/E ratio 2019 19,93
EV / Sales 2018 2,96x
EV / Sales 2019 2,88x
Capitalization 246 B
Duration : Period :
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Technical analysis trends NESTLÉ
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 86,6  CHF
Spread / Average Target 8,0%
EPS Revisions
Ulf Mark Schneider Chief Executive Officer & Director
Paul Bulcke Chairman
Magdi Batato Executive Vice President-Operations
François-Xavier Michel Marie Roger Chief Financial Officer & Executive Vice President
Stefan Palzer Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
NESTLÉ-4.32%257 291
DANONE-7.25%51 899
GENERAL MILLS-25.57%28 470