Procter & Gamble is shaking up its operations in a bid to improve competitiveness and boost long term growth. The conglomerate, which owns 300 brands in over 140 countries, is to chop nearly 10,000 jobs worldwide. Some 40% of the losses will be in its US operations, as it reduces its overall workforce by 9%. One-third of the company'sredundancies will be in manufacturing staff, and a number of manufacturing plants are to be closed and production operations consolidated in the drive to streamline P&G's operations. P&G intends to cut overheads and manufacturing costs by between $600-$700m in the fiscal year 2003-4. The company is to announce further changes to its structure as it focuses on its core activities by the end of the financial year. A G Lafley, president and chief executive, said: "The cost benefits of strengthened competitiveness and improved productivity are significant, but this is not just a cost-cutting program. No one cost-saves their way to sustainable growth." {{NEWS }}

Topics