Procter & Gamble Co plans to cut as many as 7,000 non-manufacturing jobs over the next two years as part of an effort to improve productivity.
The reductions would amount to about 15 per cent of the US consumer goods company’s current non-manufacturing workforce, P&G said in a presentation posted on its website.
Makers of toilet paper and toothpaste are grappling with weakening consumer demand and higher costs from tariffs. While prices of products are rising, many companies are also cutting costs as they seek to find ways to mitigate the effect on shoppers.
Procter & Gamble lowered its guidance in the most recent earnings season to account for tariff costs and worsening consumption trends. The maker of Old Spice forecast $1 billion to $1.5 billion in incremental costs.
More stories like this are available on bloomberg.com