Clorox Co. and Procter & Gamble Co. on Dec. 19 entered into the first extension and amendment of their amended and restated The Glad Products Co. joint venture agreement, according to a Dec. 20 SEC filing.
The joint venture provides both companies with access to a range of current and future patents, trademarks and other proprietary technologies developed by P&G for food and trash bags, wraps and containers under the Glad and GladWare trademarks.
The first extension of the January 2003 agreement is effective as of Dec. 20. Under the amended deal, both Clorox and P&G can request to extend the agreement for an additional seven years from the expiry date at any time before midnight ET on Jan. 31, 2025.
Prior to the first extension, the agreement between the two would have expired on Jan. 31, 2023 unless the parties agreed, on or prior to Jan. 31, 2018, to extend the term for another 10 years or agree to take some other relevant action.