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Procter & Gamble Expected to Cut Jobs

March 22, 2001|Bloomberg News

Procter & Gamble Co. is expected to announce plans to slash its work force during a scheduled conference call with analysts today. The nation's largest household products maker could cut as many as 22,000 jobs from its work force of 110,000, according to a Wall Street Journal report that cited unidentified sources. The maker of Tide detergent and Crest toothpaste is looking to cut deeper after a 2-year-old plan to trim 15,000 jobs didn't bring anticipated cost reductions. P&G spokesman Tom Millikin did not deny the Journal story. The company "is examining every cost area," but its policy is not to comment on speculation, Millikin said. Chief Executive A.G. Lafley is reducing expenses after a program by predecessor Durk Jager to boost spending on new products and advertising failed to increase sales. Shares of Cincinnati-based Procter & Gamble fell $2.70, or 4%, to close at $63.20 on the New York Stock Exchange. The stock has fallen 16% this year.

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