This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8231269.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Pringles maker backs US Olympians Pringles maker backs US Olympians
(about 6 hours later)
Consumer product giant Procter and Gamble (P&G) has signed up as a sponsor with the US Olympic Committee (USOC).Consumer product giant Procter and Gamble (P&G) has signed up as a sponsor with the US Olympic Committee (USOC).
It is a major deal to gain the Pringles maker at a time when the committee is trying to secure more top partners. It is a major coup to gain the Pringles maker at a time when the committee is trying to secure more top partners.
P&G's Kirk Perry said it was attracted by the Olympics' appeal for women, teenagers and adults ages 18 to 34, which matched the firm's consumer base. P&G's Kirk Perry said it was attracted by the Olympics' appeal for women, teenagers and adults aged 18 to 34, which matched the firm's consumer base.
Officials have not said what the value of the deal is, but partners usually pay a minimum $15m(£9m) for such deals.Officials have not said what the value of the deal is, but partners usually pay a minimum $15m(£9m) for such deals.
Sponsors lostSponsors lost
The USOC has said it is "very significant" that P&G had signed on at the highest sponsor level, as a top tier "partner". Financial details of the deal have not been released.The USOC has said it is "very significant" that P&G had signed on at the highest sponsor level, as a top tier "partner". Financial details of the deal have not been released.
The USOC recently lost General Motors and retail chain Home Depot as sponsors and is looking to renew deals with Bank of America and communications company AT&T.The USOC recently lost General Motors and retail chain Home Depot as sponsors and is looking to renew deals with Bank of America and communications company AT&T.
It had previously signed smaller deals with Ralph Lauren, Acer, Adecco and Deloitte.It had previously signed smaller deals with Ralph Lauren, Acer, Adecco and Deloitte.
The global economic downturn has seen sports sponsorship deals more difficult to secure in the past 18 months, with the International Olympic Committee (IOC) having only filled nine of its 11 global partnership slots.The global economic downturn has seen sports sponsorship deals more difficult to secure in the past 18 months, with the International Olympic Committee (IOC) having only filled nine of its 11 global partnership slots.
Last week the IOC said it would give extra cash to the Vancouver 2010 Winter Games if there was a budget shortfall caused by any less-than-expected sponsorship revenues.Last week the IOC said it would give extra cash to the Vancouver 2010 Winter Games if there was a budget shortfall caused by any less-than-expected sponsorship revenues.
Drug saleDrug sale
Meanwhile, last month P&G said profit had fall by 18% between April and June, blaming the slump on a continued fall in household spending.Meanwhile, last month P&G said profit had fall by 18% between April and June, blaming the slump on a continued fall in household spending.
Discretionary products such as Oral-B power toothbrushes, Duracell batteries, Pringles snacks and its fragrances had suffered particularly badly, it said.Discretionary products such as Oral-B power toothbrushes, Duracell batteries, Pringles snacks and its fragrances had suffered particularly badly, it said.
And last week P&G announced it was ending its involvement in the production of prescription drugs with the sale of its pharmaceutical business to Irish drugmaker Warner Chilcottfor for $3.1bn (£1.9bn).And last week P&G announced it was ending its involvement in the production of prescription drugs with the sale of its pharmaceutical business to Irish drugmaker Warner Chilcottfor for $3.1bn (£1.9bn).
Other P&G brands also include Gillette, shampoos Wella, Head n' Shoulders and Pantene, Hugo Boss fragrances, Ariel and Bold washing detergents and Pampers nappies.Other P&G brands also include Gillette, shampoos Wella, Head n' Shoulders and Pantene, Hugo Boss fragrances, Ariel and Bold washing detergents and Pampers nappies.