June 5 (Reuters) – Procter & Gamble\u00a0(PG.N), opens new tab\u00a0said on Thursday it would cut 7,000 jobs, or about 6%, of its total workforce over the next two years, as part of a new restructuring plan to counter uneven consumer demand and higher costs due to tariff uncertainty.<\/p>\n\n\n\n
The world’s largest consumer goods company also plans to exit some product categories and brands in certain markets, executives said at a Deutsche Bank Consumer Conference in Paris, adding the program could likely include some divestitures without giving detail.<\/p>\n\n\n\n
The Pampers maker’s two-year restructuring plan comes when consumer spending is expected to remain pressured this year, and global consumer goods makers including P&G and Unilever\u00a0(ULVR.L), opens new tab\u00a0brace for a further hit to demand from even higher prices.<\/p>\n\n\n\n
“This is not a new approach, rather an intentional acceleration of the current strategy…to win in the increasingly challenging environment in which we compete,” executives said.<\/p>\n\n\n\n
President Donald Trump’s sweeping tariffs on trading partners have roiled global markets and led to fears of a recession in the U.S., the biggest market for P&G. The company imports raw ingredients, packaging materials and some finished products into the U.S. from China.<\/p>\n\n\n\n
Trump’s trade war has cost companies more than $34 billion in lost sales and higher costs,\u00a0a Reuters analysis showed, a toll that is expected to rise.<\/p>\n\n\n\n
In April, the Tide detergent maker said it would raise prices on some products and that it was\u00a0prepared to pull\u00a0every lever in its arsenal to mitigate the impact of tariffs.<\/p>\n\n\n\n
Pricing and cost cuts were the main levers, CFO Andre Schulten had said then.<\/p>\n\n\n\n
On Thursday, Schulten and P&G’s operations head Shailesh Jejurikar acknowledged that the geopolitical environment was “unpredictable” and that consumers were facing “greater uncertainty.”<\/p>\n\n\n\n
The company had about 108,000 employees as of June 30, 2024, and said the job cuts would account for roughly 15% of its non-manufacturing workforce.<\/p>\n\n\n\n
P&G added that the restructuring plan would help simplify the organizational structure by “making roles broader” and “teams smaller”.<\/p>\n\n\n\n
The plans to divest certain brands will also help adjust its supply chain in order to reduce costs, P&G said.<\/p>\n\n\n\n
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