Procter & Gamble planning overseas reorganization: report
NEW YORK (Reuters) - Procter & Gamble (PG.N) plans to reorganize its overseas business as part of Chief Executive A.G. Lafley's plans to cut costs, according to a Bloomberg report that cited three unidentified people briefed on the matter.
The maker of Pampers diapers and Tide detergent is considering a merger of its Western European unit with its Eastern and Central Europe business, while its Indian business will combine with the Middle East and Africa to form another group, according to the story.
Bloomberg said the sources wished to remain anonymous because the plan was not expected to be announced until 2014.
Procter brought back Lafley as CEO in May after it heeded pressure from investors to show faster improvement. Lafley first joined Cincinnati-based P&G in 1977 and served as president and CEO from 2000 to 2009.