With demand softening and input costs rising, the consumer goods giant looks to streamline operations and exit select markets in the coming years. Procter & Gamble plans to lay off as many as 7,000 employees — about 6% of its global workforce — over the next two years as part of a sweeping cost-cutting drive amid mounting macroeconomic pressures and trade-related expenses.The Cincinnati-headquartered maker of Pampers diapers and Tide detergent said the cuts would affect around 15% of its non-manufacturing staff. The announcement was made by Chief Financial Officer Andre Schulten at the Deutsche Bank Consumer Conference in Paris on Thursday.According to the Associated Press, Schulten described the restructuring as a move to safeguard the company’s long-term growth targets. “This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” he said. “It does not, however, remove the near-term challenges that we currently face.”As of June 2024, Procter & Gamble employed approximately 108,000 people worldwide.The layoffs are part of a broader strategy to optimise the company’s global footprint. P&G also plans to discontinue some product lines in certain markets, with further details expected in July.
