GOALS: Warren Buffet’s Holding Co. Buys Duracell Brand

The Duracell family recently welcomed their new owner, Berkshire Hathaway Inc.  In a deal valued at an estimated $3 billion, Proctor & Gamble Co. sold the battery brand to the holding company, which is owned by Warren Buffet.

According to reports, P&G announced last month plans to make Duracell a stand-alone company. P&G is the largest consumer products maker in the world. It produces over 150 product brands. Due to cut backs and outsourcing, P&G is doing-away with over half the brands to focus only on their top performers.

Berkshire Hathaway’s deal will allow P&G to receive $4.7 billion in their own stock. To offset the price, P&G will give $1.7 billion to the battery business.

“I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette,” Buffett said in a statement on Thursday.

88 cents, or Berkshire has been a significant P&G shareholder since the consumer products firm acquired Gillette in 2005, but the Duracell acquisition will use nearly all of Berkshire’s 52.48 million shares.

Buffett has estimated that Berkshire’s P&G stake cost it roughly $336 million. (via NYDailyNews)