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Procter & Gamble has been in the soap business since William Procter and James Gamble formed their partnership in 1837. In order to raise capital for expansion, the partners set up a corporate structure in 1890, with an appointed president at the helm of the company. It undergo further restructuring in 1955, with the creation of individual operating divisions to better manage their growing lines of products. John E. Pepper had led the company since 1995, when he was elected Procter & Gamble's ninth Chairman and Chief Executive Officer. The same year, the company moved from managing the business under two geographic areas, US and International, to four regions – North America, Latin America, Asia, and Europe/Middle East/Africa. Ivory soap, which become a common household name, came onto the market in 1879. With the introduction and instant success of Tide laundry detergent in 1946, Procter & Gamble embarked on a strategy of rapid growth into new product lines as well as new markets around the world. The firm's commitment to innovation in technology helped Tide to remain their single brand over the years. Perhaps the product that had the greatest impact, however, is Pampers, the disposable nappy which they launch in 1961.
As a result of their aggressive expansion policy, Procter & Gamble sales reach $10 billion in 1980. Since then the company quadrupled the number of consumers it can serve with its brands – to about five billion people around the world. In 1998 sales rose to $37.2 billion.
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