A REDESIGNED PAMPERS DIAPER
Procter & Gamble Co, in an effort to regain market share, said it will spend more than $500 million to produce a new version of its Pampers disposable diaper, the largest spending program of its kind in the company's history. The new diapers will take on Kimberly-Clark Corp.'s Huggies brand, which has been absorbing market share from P&G. P&G's Pampers and premium-priced Luvs diapers together control about 52% of the $2.3 billion-a-year disposable-diaper market, compared with Huggies' 24%. The diaper business accounts for between 17% and 22% of P&G's profit, according to industry people.