Procter & Gamble said Friday that it had licensed a proprietary technology for improving manufacturing efficiency to an unidentified Fortune 500 company.

        The Cincinnati-based maker of such household staples as Tide detergent and Crest toothpaste also said it was exploring similar licensing deals with a range of other companies, expected to generate significant income during the next few years.

        The agreement is part of P&G's continuing program to fully leverage its intellectual property, including licensing and selling select technologies, and forming joint ventures with other companies seeking access to P&G's world-renowned research and development capacity.

        “By making our technologies available to others, we can greatly extend their benefits well beyond our brands and maximize the investment we've made for our shareholders,” said Jeffrey Weedman, P&G's vice president of external business development and corporate licensing.

        The licensed technology, called Reliability Engineering, “consists of a toolbox containing 23 ways to overhaul virtually any production line,” according to P&G.

        The technology has helped P&G cut manufacturing costs dramatically in the past decade, the company said.

        In the past two years, P&G has donated nine different consumer product technologies to universities.

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