Procter & Gamble (P&G) today confirmed media reports that it intends to cut its global workforce as part of an on-going restructuring plan.
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The consumer products group said it would reduce its workforce by about 9,600, equivalent to 9% of P&G’s workforce. Over 40% of the reductions will be in the US and about 60% outside the US. P&G anticipate that two-thirds of the reductions will come from non-manufacturing roles across all levels in the company with one-third coming from manufacturing projects. Manufacturing reductions will include both plant closures and further consolidation of production modules.
The company expects savings of approximately $600-700m annually by fiscal year 2003/04 from its restructuring plans.
“This program is right for the long-term health of our business and is the next step in our plan to restore long-term growth. It’s one element of a three-part growth plan to focus on big brands and big opportunities, consistently deliver superior consumer value, and create a more cost-competitive, productive organization,” said A.G. Lafley, president and CEO of P&G.
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