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Church & Dwight: Time to Rethink the Portfolio A case report prepared for MG 495 Business Policy (Fall II 2012) (Andrew Smith) (11 November 2012) Church & Dwight: Time to Rethink the Portfolio I. INTRODUCTION A. Executive Summary 1. Summary statement of the problem: Church & Dwight was founded over 160 years ago. A decade ago Church & Dwight was pulling in less than $1 Billion in annual sales while remaining a largely household domestic products company with only one iconic brand. Over the past decade Church & Dwight has made many successful changes in their company to create rapid growth fueled by a string of acquisitions and creating a diversified portfolio. …show more content…

A few ways that Church & Dwight was able to do this was 1) maintain majority control of the outstanding common stock 2) the board amended the company’s charter 3) giving current shareholders four votes per share and requiring future shareholders to buy and hold shares for four years before receiving the same privilege 4) “the board of directors was also structured into three classes with four directors in each class serving staggered three-year terms…the objectives of these moves was to “[give] the board control so as to provide the best results for shareholders.” (Church, p.2) and 5) the company entered into an employee severance agreement with key officials. Numerous changes were made in key personnel in order to make a strong push into consumer products outside of sodium bicarbonate-related products and into the international arena in the early 2000’s. (Church, p.3) Many of the new management hires came from well known corporations and brought with them extensive marketing and international experience. 2. Operations – Church & Dwight’s growth strategy relied on finding new uses for sodium bicarbonate. Prior to the acquisitioning spree, this was where all the company’s profits came from. The company soon

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