Procter & Gamble Announces Major Restructuring Amid Economic Challenges

Procter & Gamble plans to cut up to 7,000 jobs as part of a restructuring strategy in response to rising tariffs and economic concerns. This move represents 6% of its global workforce, primarily affecting non-manufacturing roles. The company also looks to halt sales in certain markets.

Procter & Gamble, the renowned manufacturer of Tide and Pampers, is set to downsize its workforce by up to 7,000 positions over the next two years. This decision comes amid a comprehensive restructuring program aimed at addressing economic pressures exacerbated by tariffs.

Speaking at the Deutsche Bank Consumer Conference in Paris, CFO Andre Schulten revealed that the job cuts represent about 6% of the global workforce, predominantly affecting non-manufacturing roles. Schulten emphasized the necessity of this restructuring to sustain the company's long-term goals despite current challenges.

The firm's strategic reconfiguration also includes discontinuing certain product sales in select markets, with further details expected in July. As American consumers become increasingly cautious about spending, Procter & Gamble is navigating the dampening effect of tariffs on both supply chain costs and customer sentiment.

(With inputs from agencies.)