Massachusetts looking into retiree benefits in Gillette-Procter deal
Massachusetts Secretary of State William Galvin wants to know whether Gillette Company retirees will keep their health benefits if the company is sold to Cincinnati-based Procter and Gamble Company.
The Boston Globe is reporting that Galvin was prompted by a February seventh letter in which P&G promised not to cut Gillette retirees' benefits for at least two years. Galvin already was looking into possible layoffs as part of the merger and how much money Gillette executives will get, among other questions. The companies have said about six-thousand out of their 140-thousand workers will be laid off. Shareholders and regulators still need to approve the 57 billion-dollar deal. If it goes through, it will create the world's largest consumer products company.