Procter and Gamble to cut 5,700 jobs in restructuring - Cincinnati News, FOX19-WXIX TV

P&G to cut 5,700 jobs in restructuring

NEW YORK (AP) -

Consumer products maker Procter & Gamble Inc. plans to cut 5,700 jobs globally by the end of the fiscal year ending in June 2013 as part of a cost-cutting plan.

That amounts to about 10 percent of the company's non-manufacturing work force.

Procter & Gamble CEO Robert McDonald announced the moves at the Consumer Analyst Group of New York conference in Boca Raton, Fla. The presentation was webcast.

P&G Spokesperson Paul Fox tells FOX19 that it's too early to tell exactly which locations the jobs will come from.

Fox explained that the workforce reduction would come from attrition , restructuring and retirement.

In January, P&G announced that 1,600 jobs would be cut internationally. This announcement adds 4,100 jobs to that number.

Procter & Gamble says it plans to save $10 billion by the end of the fiscal year ending in June 2016.

Other parts of the plan include streamlining its operations and cutting costs related to packaging and materials. The moves will cost $3.5 billion in restructuring over a four-year period.

Shares rose $1.56, or 2.4 percent, to $66 in afternoon trading.

The Associated Press and WXIX contributed to this report

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