CINCINNATI (dpa-AFX) - Consumer goods giant Procter & Gamble Co. (PG) announced Thursday plans to cut up to 7,000 non-manufacturing roles, or around 15% of its current non-manufacturing workforce, over the next 2 years as part of its global resturcturing program.
Over the course of the two-year program, the company expects to record a total non-core charge of $1.0 to $1.6 billion before tax. Procter & Gamble projects 25% of these charges to be non-cash.
In a filing with the U.S. Securities and Exchange Commission, the company said it revealed the 2-year, non-core restructuring program while presenting at the Deutsche Bank's dbAccess Global Consumer Conference.
The company aims to implement the 2-year program through brand exits, select brand divestitures and potential market exits, the details of which will be announced at a later date.
The non-core restructuring program includes three elements, such as portfolio choices, supply chain optimization and organization design.
The portfolio choices will enable related interventions in the supply chain to drive various benefits, including efficiencies, faster innovation, and cost reduction, the company noted.
In the pre-market activity on the NYSE, Procter & Gamble shares were gaining around 0.1 percent at $166.10.
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