Cincinnati-based CPG giant Procter & Gamble late last week said it would cut 9,600 jobs, or nine percent of its work force, in a bid to reduce costs. The latest cuts are over and above 8,000 pending cuts related to a 1999 cost-cutting measure from 1999. Some 40 percent of the new reductions will come from the U.S. P&G said it will reinvest costs savings from the cuts into marketing, new products,
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Cincinnati-based CPG giant Procter & Gamble late last week said it would cut 9,600 jobs, or nine percent of its work force, in a bid to reduce costs.
The latest cuts are over and above 8,000 pending cuts related to a 1999 cost-cutting measure from 1999. Some 40 percent of the new reductions will come from the U.S.
P&G said it will reinvest costs savings from the cuts into marketing, new products, and pricing initiatives. The company has been hurt by declining market share in several sectors, new product introductions that required heavy cash support, and a flagging stock price.
P&G said it expects to release the results of a strategic business review in June.
