P&G To Cut 5,700 Jobs In Restructuring

By: Associated Press
By: Associated Press

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Thursday, February 23, 2012

Consumer products maker Procter & Gamble Inc. plans to cut 5,700 jobs globally by the end of the fiscal year ending in June 2013 as part of a cost-cutting plan.

That amounts to about 10 percent of the company's non-manufacturing work force.

Procter & Gamble CEO Robert McDonald announced the moves at the Consumer Analyst Group of New York conference in Boca Raton, Fla. The presentation was webcast.

Procter & Gamble says it plans to save $10 billion by the end of the fiscal year ending in June 2016.

Other parts of the plan include streamlining its operations and cutting costs related to packaging and materials. The moves will cost $3.5 billion in restructuring over a four-year period.

Shares rose $1.56, or 2.4 percent, to $66 in afternoon trading.

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