CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now. Gillette thinks a rival's new razor cuts too close to home. Carrie Lee live at the Nasdaq market site out of New York with details. Carrie, tell us.</s>CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: This is a very intensely competitive business, Carol, and now Gillette is suing Schick over patent infringement. Now Gillette is the world's largest blade and razor maker and they are claiming that the new Schick Quattro, which is a four blade razor, uses the same stacked four blade design as Gillette's Mach 3 razor. Now the Quattro is due to go on sale next month, but Gillette wants the court to stop Quattro from coming to the market. And the company is also seeking damages. Now there is rising concern at Gillette that Schick is going to eat into Gillette's profits. In fact, they even mentioned this when Gillette gave its profit report for the recent quarter last week. Gillette's Mach 3 is a very profitable product for the company, $2 billion in sales last year. They have over 50 patents on the Mach 3, believe it or not, Carol, probably everything from the blade to the handle, very protective of this successful product.</s>COSTELLO: I didn't know that were many -- that there were many different types of razor blades.</s>LEE: Or patents. Who would have ever guessed? But you know they spend big money on development and they are very protective of it, absolutely.</s>COSTELLO: Carrie Lee live from New York this morning. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Gillette Files Suit Against Schick Razor