Procter & Gamble said it is offering voluntary separation packages to employees near retirement age on a global basis. The move is one of several strategies (consolidation of buildings and working more efficiently, being others) to offset the revenue that will be lost with its sale of the $1.4 billion Pringles business to Diamond Products, expected to close in December.
The number of packages to be offered has not been released but a P&G spokesman said, “the number is a fraction of the number of employees who are retirement eligible.” He added that it is important to note that P&G continues to hire and that he expects the separation program to come to a close by June 2012. The topic is expected to be a hot one during P&G’s earnings call Thursday morning. Globally, P&G employs 129,000 people, up from 127,000 in 2010.