Procter & Gamble To Cut 9,600 More Jobs

ByBridgeNews Consumer-products giant Procter & Gamble Co. will slash 9,600 jobs, or 9% of its global work force, as it works to trim manufacturing costs and boost its lagging sales growth. The new job cuts, which come in addition to the remaining 7,800 layoffs yet to be finished from the 15,000 it announced in 1999, are just part of a major restructuring that involves combining the company's seven business units into three, closing plants, and consolidating existing factories. "This program is right for the long-term health of our business and is the next step in our plan to restore long-term growth," says A.G. Lafley, the Cincinnati company's CEO. "It's one element of a three-part growth plan to focus on big brands and big opportunities, consistently deliver superior consumer value, and create a more cost-competitive, productive organization."