The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20 - Manufacture of chemicals and chemical products
5,700 jobs Number of planned job losses
Announcement Date
23 February 2012
Employment effect (start)
23 February 2012
Foreseen end date
30 June 2013
Description
Procter and Gamble, a US-based consumer goods maker, will cut 5700 jobs globally by June 2013, as part of a cost-saving initiative.
The job cuts are intended to save around $800 million, and form part of a longer-term plan to cut $10 billion in costs over the next four years. The jobs to be lost will be non-manufacturing roles; the cuts represent about ten per cent of this portion of the Procter and Gamble workforce. It is not yet clear in which geographies the reductions will occur.
The restructuring follows a lack of strong sales growth in Europe and the USA; the firm has also struggled to increase the proportion of its sales in emerging markets, due to competition from rivals.
Procter and Gamble employs about 129,000 people globally.
Sources
23 February 2012: The Financial Times
23 February 2012: The Global Post
Citation
Eurofound (2012), Procter and Gamble, Internal restructuring in World, factsheet number 73128, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73128.
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