Proctor & Gamble announced today it would buy Gillette, for more than $57bn (£30bn), uniting two US producers of household goods.

The maker of Crest toothpaste is paying an 18% premium for Gillette, the manufacturer of shaving goods and Duracell batteries.

The merger would vault the combined company above Unilever as the world’s largest consumer products maker by revenue.

Gillette, which was founded in 1901, has expertise in the men’s grooming category with its Gillette and Braun products, while P&G has historically had strength in women’s personal care with brands such as Olay, Always, Tampax and Max Factor.

P&G will acquire all of Gilette’s business including manufacturing, technical and other facilities.