Procter & Gamble is to axe 5,700 jobs as part of a harsh new cost-cutting drive.
The maker of Ariel and Gillette plans to save $10bn (£6.3bn) over the next four years via the cuts, which include 1,600 job losses announced last month. Those jobs will go this year, with 4,100 more to go in 2013.
Together, the redundancies represent 10% of the company’s non-manufacturing workforce. Chief executive Bob McDonald said the economic environment “necessitated” the cuts.
P&G becomes the latest in a line of fmcg giants to announce tough cost-cutting measures, with PepsiCo earlier this month signalling plans to shed 8,700 jobs worldwide. Last week P&G announced a deal was in place to sell its Pringles snack brand to Kellogg’s in a deal worth $2.7bn.
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