Procter & Gamble Set to Detail Restructuring

Consumer products giant Procter & Gamble Co. is expected to report a major restructuring--cutting thousands of jobs, closing plants and taking a multimillion-dollar charge--when it meets with analysts Wednesday. Company officials wouldn’t comment on details of what it calls Organization 2005, a plan to make P&G; more competitive and growth oriented, but reiterated they will discuss the plan this week in New York. Industry analysts expect P&G; to cut jobs mostly from operations outside the United States. The Cincinnati-based company, whose more famous products include Tide detergent and Crest toothpaste, has about 110,000 employees worldwide. Those cuts, in addition to plant closings, are expected to generate a major charge that could hit the billion-dollar mark, analysts said. In April, P&G; said it would start taking charges related to the realignment during the fourth quarter and spread them out over unspecified quarters. Shares of P&G; rose $3.13 to close at $96.63 Friday on the New York Stock Exchange, off a 52-week high of $103.81, but up from a low of $65.13.