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Procter & Gamble Co. (P&G, NYSE&_160;PG) is a Fortune 500, American global corporation based in Cincinnati, Ohio, that manufactures a wide range of consumer goods. As of 2008, P&G is the 6th largest corporation in the world by market capitalization and 14th largest US company by profit. It is 10th in Fortune's Most Admired Companies list (as of 2007).[2][3] P&G is credited with many business innovations including brand management, the soap opera, and "Connect & Develop" innovation. According to the Nielsen Company, in 2007 P&G spent more on U.S. advertising than any other company; the $2.62 billion it spent is almost twice as much as General Motors, the next company on the Nielsen list.[4] P&G was named 2008 Advertiser of the Year by Cannes International Advertising Festival.[5] Since both their industries used similar resources, the Panic of 1837 caused intense competition between the two and as a result it led to discord with the family. Alexander Norris, their father-in law decided to call a meeting where he convinced his new sons-in-law to become business partners. On October 31, 1837, as a result of the suggestion, a new enterprise was born Procter & Gamble. The company prospered during the nineteenth century. In 1859, sales reached one million dollars. By this point, approximately eighty employees worked for Procter & Gamble. During the American Civil War, the company won contracts to supply the Union Army with soap and candles. In addition to the increased profits experienced during the war, the military contracts introduced soldiers from all over the country to Procter & Gamble's products. Once the war was over and the men returned home, they continued to purchase the company's products.
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