Procter & Gamble (PG) to Slash 5,700 Jobs and Cut Costs by $10 Billion
2/24/2012 7:23:18 AM
Procter & Gamble, the world’s biggest consumer goods maker by sales, plans to cut 5,700 jobs and $10bn in costs over the next four years as it responds to market demands to sharpen its performance in the face of slow growth in the west. Bob McDonald, P&G chief executive, said: “We realise that we have to do it. The environment necessitates it.” Shares in the Cincinnati-based company, which has less exposure to high-growth emerging markets than its main rivals, rose 2.3 per cent to $65.93. The job cuts represent about 10 per cent of non-manufacturing jobs at P&G and include 1,600 job losses announced last month. They are due to be completed by the middle of next year.