Monday, February 27, 2012

Proctor & Gamble to cut about 10 percent of non-manufacturing jobs (about 5,700)

(Reuters) - Procter & Gamble Co plans to cut a total of 5,700 nonmanufacturing jobs as part of a new plan to reduce costs by $10 billion by the end of fiscal 2016, Chief Executive Officer Bob McDonald said on Thursday.

The world's largest household products company has about 57,000 non-manufacturing employees among its total workforce of about 129,000.

P&G had already said it would cut 1,600 positions in the current fiscal year. On Thursday, it said it would cut another 4,100 jobs during fiscal 2013, which begins in July.

The company expects to save a total of $800 million from the job cuts, executives said at the annual Consumer Analyst Group of New York, or CAGNY, conference in Boca Raton, Florida. P&G also trimmed its profit forecast due to the pending sale of its Pringles snacks business.

In total, P&G aims to trim $10 billion of costs, including $1 billion in marketing costs and $3 billion in overhead costs. Read More