08.11.15
Fewer brands mean fewer employees. Another round of job cuts is expected at Procter & Gamble, now that the company announced the $15 billion sale of several beauty brands to Coty. With names like Wella, CoverGirl and Max Factor, removed from its roster, the deal is expected to impact 10,000 P&G workers around the world, including about 1,500 in the US. The transaction, expected to close in late 2016, will also transfer ownership of eight factories and nine distribution centers, including three US facilities.
Last week, P&G revealed its head count totaled 110,000 in an annual report filed with the US Securities & Exchange Commission. The company had reported having 118,000 workers worldwide the previous fiscal year, so the new number represents a reduction of 6.8%.
Following the closure of the Coty deal, P&G’s employment number will fall below 100,000. The last time the head count was that low was 2003, when P&G employed 98,000.
The cuts come during a time when P&G’s earnings are slumping. In the fiscal year ended in June, P&G posted a profit of $7.1 billion, down 40% from nearly $11.8 billion in fiscal 2014.
Last week, P&G revealed its head count totaled 110,000 in an annual report filed with the US Securities & Exchange Commission. The company had reported having 118,000 workers worldwide the previous fiscal year, so the new number represents a reduction of 6.8%.
Following the closure of the Coty deal, P&G’s employment number will fall below 100,000. The last time the head count was that low was 2003, when P&G employed 98,000.
The cuts come during a time when P&G’s earnings are slumping. In the fiscal year ended in June, P&G posted a profit of $7.1 billion, down 40% from nearly $11.8 billion in fiscal 2014.