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Wednesday, Sep. 2, 1998
Job cuts likely as P&G plans major restructuring
Associated Press
CINCINNATI - Procter & Gamble Co. plans its second major corporate reorganization of this decade, with job cuts likely, as it tries to boost profits and double its sales within 10 years.
The maker of Tide detergent, Bounty paper towels and Folgers coffee plans to change to business units based on products, instead of regions, improve marketing and streamline its corporate staff, management is telling shareholders.
``We must bring even better products to more markets with greater speed than ever before,'' John E. Pepper, chairman and chief executive, and Durk I. Jager, president and chief operating officer, wrote in a letter sent to P&G shareholders Sunday along with the company's annual report.
Management is not satisfied with the rate of sales growth and must increase it in order to reach Pepper's stated goals of doubling P&G's business in 10 years and boosting market shares in P&G's key product categories, the letter said.
Details of the plan, called Organization 2005, are to be announced in coming weeks. The plan has been in the works for about a year, company spokesman Simon Denegri said Tuesday.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web