P&G to cut 5,700 jobs in restructuring

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.

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.

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That amounts to about 10% of the company’s non-manufacturing work force.

P & G CEO Robert McDonald announced the moves at the Consumer Analyst Group of New York conference in Boca Raton, Florida.

P & G said 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.