Procter & Gamble plans more job cuts

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Associated Press

Posted on November 15, 2012 at 8:00 AM

Updated Thursday, Nov 15 at 8:02 AM

NEW YORK (AP) — Consumer products giant Procter & Gamble Co. says it plans to cut more jobs and increase share repurchases as it works on its turnaround plan to focus on its most profitable categories and countries.

The maker of Tide detergent and Gillette razors says on top of its already announced plan to cut 5,700 non-manufacturing jobs, it will cut an additional 2 percent to 4 percent of its non-manufacturing jobs.

Also it now expects to buy back $4 billion to $6 billion of its shares. Previously it forecast $4 billion.

The news comes as the company holds its annual analyst meeting in Cincinnati.

Procter & Gamble has been facing increasing investor displeasure about its lack of global market share growth. That has grown since activist investor William Ackman disclosed a stake in the company.

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