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Procter & Gamble plans more job cuts nationwide

NEW YORK (AP) — Consumer products giant Procter & Gamble Co. says it plans to cut more jobs and increase share repurchases as it works on its turnaround plan to focus on its most profitable categories and countries.

The maker of Tide detergent and Gillette razors says on top of its already announced plan to cut 5,700 non-manufacturing jobs, it will cut an additional 2 percent to 4 percent of its non-manufacturing jobs.

It was not clear where the cuts will take place. 

According to Paul Fox, Proctor & Gamble spokesman, no job reduction or loss is expected in the Triad area as a result of today’s announcement.

The news comes as the company holds its annual analyst meeting in Cincinnati.

Procter & Gamble has been facing increasing investor displeasure about its lack of global market share growth. That has grown since activist investor William Ackman disclosed a stake in the company.

According to Paul Fox, Proctor & Gamble spokesman, no job reduction or loss is expected in the Triad area as a result of today’s announcement.

This article was provided by The Associated Press.  (Copyright 2012 by The Associated Press. All Rights Reserved.)

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