(The Hill) – Procter & Gamble said Thursday it would reduce its workforce by 7,000 non-manufacturing roles in the wake of President Trump’s tariffs.
Company leaders first announced the cuts, which amount to roughly 17% of its total workforce, during the Deutsche Bank Consumer Conference in Paris before publishing a release.
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“Plans will be implemented over the next two fiscal years, allowing us appropriately sequence the delivery of important innovation and operational projects,” Procter & Gamble wrote.
“As we do this, our top priority remains delivering balanced growth and value creation to delight consumers, customers, employees, society and shareowners alike.”
They did not provide information on which region or sites that would be impacted. Amid the changes, the company also said it would cut back on selling certain products in specific markets, while estimating that North America had a $5 billion earning potential.
Procter & Gamble manufactures Tide detergent, Pampers diapers, Pantene beauty products and other personal care items for individuals and families. The company announced a 5 percent jump in dividends in April but is still likely to be impacted by steep hikes in foreign exchange rates ordered by Trump. That same month, the company said it would consider making cuts as Trump implemented his tariffs.
“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Chief Financial Officer Andre Schulten said in Paris, according to the Associated Press. “It does not, however, remove the near-term challenges that we currently face.”
