8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)                   July 16, 2003


                          THE PROCTER & GAMBLE COMPANY
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


    Ohio                          1-434                       31-0411980
- --------------------------------------------------------------------------------
(State or other            (Commission File Number)           (IRS Employer
jurisdiction of                                               Identification
incorporation)                                                Number)


One Procter & Gamble Plaza, Cincinnati, Ohio                      45202
- --------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)


Registrant's telephone number, including area code   (513) 983-1100
                                                     ---------------------------


ITEM 9.  REGULATION FD DISCLOSURE

     On July 16, 2003, The Procter & Gamble Company (the "Company") issued a
news release announcing that the Company is exploring strategic alternatives
with respect to its Sunny Delight(R) and Punica(R) juice drink brands. The
Company is filing this 8-K pursuant to Item 9, Regulation FD Disclosure.



                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       THE PROCTER & GAMBLE COMPANY


                                       /s/SHARON E. ABRAMS
                                       ------------------------------------
                                       Sharon E. Abrams, Secretary
                                       July 16, 2003




                                     Exhibit

99.  News Release by The Procter & Gamble Company dated July 16, 2003.

EX-99

                                                           FOR IMMEDIATE RELEASE
                                                           ---------------------

                    P&G EXPLORING STRATEGIC ALTERNATIVES FOR
                         SUNNY DELIGHT(R) AND PUNICA(R)
                    ----------------------------------------

         CINCINNATI, July 16, 2003 - Procter & Gamble today announced it is
exploring strategic alternatives with respect to its Sunny Delight(R) and
Punica(R) juice drink brands. P&G will consider various alternative structures
to increase shareholder value, which could include a sale of the brands and
related assets. Additionally, the company is seeking partners, licensees, or
other ways to commercialize its considerable nutrition technologies.

         "Exploring strategic options for P&G's business is an ongoing process.
P&G's strategy for sustained growth is focused on building from the core. A key
element of our strategic focus involves tough choices that enable us to
re-deploy resources and invest in core and new businesses. This is one of those
tough but right choices," said A.G. Lafley, P&G chairman, president and chief
executive.

         "The Sunny Delight and Punica businesses have made significant progress
on delivering a better cost structure, better brand equity and are leading
brands in their home markets", said Jorge P. Montoya, President of P&G's global
snacks and beverages business. "However, while the juice based market is large,
the business model is better for companies that have chosen Juice beverages as a
corporate priority."

         Lafley added, "Following this decision, we're now focused on growing
our Snacks and Coffee businesses, where P&G has two Billion Dollar Brands with
strong equities. Both Folgers and Pringles have proprietary technology, a robust
innovation pipeline and solid business plans."

                                                                       - More -


         P&G is now soliciting offers for the refrigerated drink/juice
businesses and will consider sale or alternative offers for the businesses as a
group or as individual units. P&G has retained Goldman Sachs to act as the
advisor of any eventual transaction.

ABOUT SUNNY DELIGHT, PUNICA AND THE NUTRITION TECHNOLOGIES
- ----------------------------------------------------------

         Originally created in Florida in 1964, Sunny D is a leading brand in
the US, Canada, Spain, Portugal, United Kingdom and France. Since acquiring
Sunny D in 1989, P&G has more than quadrupled the sales of the brand through
geographic expansion, new flavors and packages, and effective marketing. The
brand's line-up includes Tangy Florida Style(R), Smooth California Style(R),
Tropical Caribbean(R), a calcium fortified version, a new Lemonade and a variety
of sizes, including the fast selling new 333ml Big D(R) sports bottle.

         Punica is a leading brand sold primarily in Germany. Since acquiring
Punica in 1984, P&G has more than tripled the sales of the brand through several
innovations, including the recent launch of Schorle and Tea and Fruit flavors,
and new PET packaging forms.

         P&G's nutrition technologies are extensive and cover a wide variety of
food and beverage products enhancing both performance and taste.

ABOUT PROCTER & GAMBLE
- ----------------------

   Two billion times a day, P&G brands touch the lives of people around the
world. Some of the nearly 300 P&G brands consumers know and use with confidence
in over 160 countries around the world include: Pampers(R), Tide(R), Ariel(R),
Always(R), Whisper(R), Pantene(R), Bounty(R), Pringles(R), Folgers(R),
Charmin(R), Downy(R), Lenor(R), Iams(R), Crest(R), Actonel(R), Olay(R) and
Clairol Nice `n Easy(R). The P&G community consists of nearly 102,000 employees
working in almost 80 countries worldwide. Please visit www.pg.com for the latest
news and in-depth information about P&G and its brands.


ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS
RELEASE, ARE FORWARD-LOOKING STATEMENTS, AS THAT TERM IS DEFINED IN THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995. IN ADDITION TO THE RISKS AND
UNCERTAINTIES NOTED IN THIS RELEASE, THERE ARE CERTAIN FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED BY SOME OF THE
STATEMENTS MADE. THESE INCLUDE: (1) THE ACHIEVEMENT OF EXPECTED COST AND TAX
SAVINGS ASSOCIATED WITH CHANGES IN THE COMPANY'S ORGANIZATION STRUCTURE; (2) THE
ABILITY TO ACHIEVE BUSINESS PLANS, INCLUDING GROWING VOLUME PROFITABLY, DESPITE
HIGH LEVELS OF COMPETITIVE ACTIVITY, ESPECIALLY WITH RESPECT TO THE PRODUCT
CATEGORIES AND GEOGRAPHICAL MARKETS IN WHICH THE COMPANY HAS CHOSEN TO FOCUS;
(3) THE ABILITY TO MANAGE AND MAINTAIN KEY CUSTOMER RELATIONSHIPS; (4) THE
ACHIEVEMENT OF GROWTH IN SIGNIFICANT DEVELOPING MARKETS SUCH AS CHINA, TURKEY,
MEXICO, THE SOUTHERN CONE OF LATIN AMERICA, THE COUNTRIES OF CENTRAL AND EASTERN
EUROPE AND THE COUNTRIES OF SOUTHEAST ASIA; (5) THE ABILITY TO SUCCESSFULLY
MANAGE REGULATORY, TAX AND LEGAL MATTERS, INCLUDING RESOLUTION OF PENDING
MATTERS WITHIN CURRENT ESTIMATES; (6) THE ABILITY TO SUCCESSFULLY IMPLEMENT,
ACHIEVE AND SUSTAIN COST IMPROVEMENT PLANS IN MANUFACTURING AND OVERHEAD AREAS;
(7) THE ABILITY TO SUCCESSFULLY MANAGE CURRENCY (INCLUDING CURRENCY ISSUES IN
LATIN AMERICA), INTEREST RATE AND CERTAIN COMMODITY COST EXPOSURES; (8) THE
ABILITY TO MANAGE THE CONTINUED POLITICAL AND/OR ECONOMIC UNCERTAINTY IN LATIN
AMERICA (INCLUDING VENEZUELA) AND WAR IN THE MIDDLE EAST, AS WELL AS ANY
POLITICAL AND/OR ECONOMIC UNCERTAINTY DUE TO TERRORIST ACTIVITIES OR WAR
(INCLUDING KOREA); AND (9) THE SUCCESSFUL ACQUISITION, TRANSITION, INTEGRATION,
AND OPERATION OF THE WELLA BUSINESS. IF THE COMPANY'S ASSUMPTIONS AND ESTIMATES
ARE INCORRECT OR DO NOT COME TO FRUITION, OR IF THE COMPANY DOES NOT ACHIEVE ALL
OF THESE KEY FACTORS, THEN THE COMPANY'S ACTUAL RESULTS MIGHT DIFFER MATERIALLY
FROM THE FORWARD-LOOKING STATEMENTS MADE HEREIN. FOR ADDITIONAL INFORMATION
CONCERNING FACTORS THAT COULD CAUSE ACTUAL RESULTS TO MATERIALLY DIFFER FROM
THOSE PROJECTED HEREIN, PLEASE REFER TO OUR MOST RECENT 10-K, 10-Q AND 8-K
REPORTS.

                                      # # #

P&G CONTACTS:
- ------------

    MEDIA US
    Gary Dowdell - Snacks & Beverages   1-513-983-8172

    MEDIA EUROPE:
          UK - Sally Woodage  +44 191 297 6992

          SPAIN & PORTUGAL - Rafael Mazon +34 91 722 24 98

          FRANCE - Marc Alias +33 1 40 88 5127

          GERMANY - Detlef Schermer + 49 6196 89 43 69

          EUROPEAN  NEWS OFFICE - Andrew Fisk-Corporate +32 2 456 5656

          P&G CORPORATE MEDIA CENTER:
                US media call:             1-866 PROCTER (1-866-776-2837)
                Media outside the US call:+1-513-945-9087

    INVESTOR RELATIONS
    ------------------
    John P. Goodwin - +1-513-983-2414

    GOLDMAN SACHS:
    William Bousquette  +1-212-902-9906