P&G; will produce a new version of Pampers.

Cincinnati-based Procter & Gamble Co. said it will spend more than $500 million to develop the product. The investment represents the company’s biggest expenditure ever. Industry watchers interpreted the action as a move by P&G; to regain market share from Kimberly-Clark Corp.’s Huggies brand. Disposable diapers account for about 17% to 22% of P&G; profits.