SHERMAN, Tex. -- After 45 years together, Proctor & Gamble and Folgers have announced they will be parting ways. Officials at Proctor & Gamble have announced plans to create a stand-alone Folgers Coffee Company, which could mean big things for the plant here in North Texas. Daniel Gotera has more.
Folgers Coffee has been around since 1872, but since 1963 it has been owned by Proctor & Gamble. Now officials with both groups say starting at the end of this year that will no longer be the case, but one thing that will stay the same is the number of employees at the plant.
All Proctor & Gamble coffee personnel, brands, and facilities will now become part of the Folgers Coffee Company. It’s what officials are calling a new stand-alone publicly held company.
Officials with Proctor & Gamble say coffee did not fit the company's plan for the future, and the transition to a stand alone company will let Folgers focus on what they do best-- compete in the rapidly competitive coffee industry.
There are 100 employees at the Sherman plant, and area managers stress that none of them will lose their jobs and are very excited about the transition, which they say has big possibilities for the new company and the area.
The specifics of the transition have not been worked out, and whether or not the move will be considered a spin-off or split-off will be decided by this spring, but plant management did meet with employees Thursday morning and made sure to tell them no one will lose their job.