P&G Says 2,500 U.S. Staff Mulling Buyouts

Consumer products giant Procter & Gamble said that about 2,500 employees were considering uyouts under a plan to trim its U.S. work force by 3,400 positions in a worldwide overhaul.The company is still processing requests for buy-outs, which had to be submitted by mid-May, and cannot determine yet how many buyouts or layoffs will be needed to meet its job-cutting goals in the United States, company spokeswoman Linda Ulrey said in a telephone interview. The Cincinnati-based maker of Tide laundry detergent and Crest toothpaste could cut almost 16 percent of its roughly 110,000 work force worldwide in overhauls that may cost $4 billion. The company said in March that it planned to trim 9,600 jobs in its latest overhaul, about 40 percent in the United States, including the possible U.S. layoffs. The company said it expects to save $600 million to $700 million annually from the moves by fiscal 2004. P&G shares ended at $63.50 Friday on the New York Stock Exchange.

Related stock : (NIL)