USA: Procter & Gamble - job cuts and growth warnings - COMMENT
Procter and Gamble has announced 9,600 job cuts worldwide. P&G has been struggling against rising costs and slow sales growth since 1999. Now it will accelerate its restructuring plan, cutting its workforce by 9% with expected cost savings of $400-700 by fiscal 2004. Cost cutting looks like a sensible move for the company, but given the threat of global recession these moves might be just the beginning.
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