Iams unaffected by cuts
Dayton Business Journal - by Julie Thompson
Iams Co.'s employees are being shielded from today's announcement that parent company Procter and Gamble is cutting 9,600 jobs worldwide. Procter said it will lay off the workers as art of a plan to streamline costs and deliver long-term financial goals.
The consumer product giant's Chief Executive Officer A.G. Lafley said in a conference call today that the company expects annual savings to be about $600 million to $700 million after-tax annually by fiscal year 2003.
P&G currently employs 110,000 worldwide, including 2,300 through Iams, the Dayton-based dog and cat food maker.
Of the workers to be let go, 1,900 will come from its Cincinnati headquarters, the company said.
However, Iams workers, including the 700 who work in Dayton, will be unaffected, according to Iams spokesman Bryan Brown.
"The growth at Iams needs to continue and we have great momentum on a worldwide basis," Brown said. "It's all hands on deck with our employees."
Brown said Iams, acquired by Procter in the fall of 1999, has always been a "right-sized organization," meaning its work force was sized to its financial performance.
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