P&G will reiterate the cost savings objectives it announced earlier this year, including $6 billion from cost of goods sold, $1 billion from marketing efficiencies and $3 billion from core selling, general and administrative (SG&A) overhead costs. As part of this plan, P&G is targeting a non-manufacturing enrollment reduction of approximately 5,700 positions by the end of fiscal year 2013. In addition, P&G expects to deliver an annual five percent net productivity improvement in its manufacturing operations, as measured by the number of cases of products produced per person, per year.
At today’s meeting, P&G will announce a new objective to reduce non-manufacturing enrollment by an additional two percent to four percent per year through fiscal years 2014 to 2016 to strengthen the Company’s ability to achieve its savings objectives. Jorge Uribe, P&G’s newly appointed Global Productivity and Organization Transformation Officer, will discuss the design-based approach the Company will take to achieve the strengthened core SG&A overhead plans.
P&G’s 2012 Analyst Meeting is available by live audio webcast at www.pg.com/investors, beginning at 9:30 a.m. ET. The webcast will also be available for replay.Forward-Looking Statements Certain statements in this release or presentation, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue”, “will likely results,” and similar expressions. Forward-looking statements are based on current expectation and assumptions that are subject to risks and uncertainties which may cause results to differ materially from the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.