Lafley says Gillette absorption nearly finished

CINCINNATI -- The Procter & Gamble Co.'s absorption of Gillette Co. is nearly complete and puts the maker of Crest toothpaste, Tide detergent, and other consumer products in strong position for long-term sales and profit growth, its chief executive told shareholders yesterday.

``The merger is without doubt one of the biggest, most important things we've ever done," A.G. Lafley, the chairman and president, said at the company's annual meeting. ``I remain absolutely confident Gillette and P&G are far stronger together than either could have been alone."

The $57 billion acquisition, which took effect one year ago this month, brought together five brands with more than $1 billion in annual sales. Lafley said the company also sees billion-dollar potential in Gillette's five-blade Fusion men's shaving line.

A delegation of Lawrence, Mass., temporary workers and their supporters from the Merrimack Valley Project, a coalition of church and labor organizations, attended the meeting to voice their concerns about Gillette's use of hundreds of long-term temporary employees at its packaging operations at the site of the former Devens military installation in Central Massachusetts.