Procter & Gamble (P&G) will cut 5,700 jobs by the end of fiscal 2013 as part of a $10 billion effort to reduce costs.
CEO Bob McDonald told analysts today, Feb. 24, at the Consumer Analyst Group of New York conference that the cuts will come from non-manufacturing positions, Cincinnati’s Business Courier reports. The reduction amounts to 10 percent, or about 5,700, of 57,000 non-manufacturing jobs.
The Cincinnati-based maker of such products as Tide detergent, Charmin bath tissue and Gillette razors previously announced a round of 1,600 job cuts from non-manufacturing employment. Those positions will be eliminated by the end of June this year, with the remainder to come by the end of June 2013 or very soon thereafter, P&G spokesman Paul Fox said.
Reuters reported that P&G also cut its quarterly and year-end earnings forecasts based on its deal to sell the Pringles brand of snack chips to Kellogg Co. About 1,700 Pringles jobs will shift to Kellogg’s but were not included in today’s jobs announcement.