USA: Procter & Gamble - focus off food - COMMENT
P&G have declared the need to focus on core brands. Procter and Gamble has already made clear its cost-cutting initiatives, which began with cutting its workforce by 9% in recent weeks. Now the consumer goods giant has indicated that lower margin businesses, such as food and beverages may be sidelined altogether. Procter & Gamble has hit the headlines in recent weeks with its job loss announcements, part of a restructuring program called 'Organization 2005' designed to save $400-700 million by 2004. However, Organization 2005 is more than just an elaborate name for axing jobs, the consumer goods giant is clearly intent on regaining focus in core businesses.
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