Bloomberg News

Procter & Gamble Plans to Cut Payrolls by 5,700 by June 2013

February 27, 2012

Feb. 23 (Bloomberg) -- Procter & Gamble Co., the world’s largest consumer-products company, will cut 5,700 jobs by the end of its fiscal year in June 2013.

The cuts include 1,600 announced in January and will be achieved through attrition and layoffs, Paul Fox, a spokesman, said in an e-mail.

The reductions are part of a plan to achieve $10 billion in cost savings by 2016, as detailed today by Chief Executive Officer Bob McDonald and Chief Financial Officer Jon Moeller at a conference in Florida.

Growth at P&G and other consumer products companies is constrained by higher commodities costs and a stronger dollar.

P&G, based in Cincinnati, rose 2.6 percent to $66.14 at 2:32 p.m. in New York.

--Editors: Robin Ajello, James Callan

-0- Feb/23/2012 19:40 GMT

To contact the reporter on this story: Lauren Coleman-Lochner in New York at llochner@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net -0- Feb/23/2012 19:34 GMT


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