Procter & Gamble announces ‘limited market portfolio restructuring’

In a regulatory filing, Procter & Gamble stated, “The Procter & Gamble Company announced today a limited market portfolio restructuring of its business operations, primarily in certain Enterprise Markets, including Argentina and Nigeria, to address challenging macroeconomic and fiscal conditions. In connection with this announcement, the company expects to record incremental restructuring charges of $1.0 to 1.5 billion after tax, including foreign currency translation losses to be recognized upon the substantial liquidation of operations in the affected markets. The company estimates the large majority of these charges will be noncash. Although the timing of the completion of this restructuring program has yet to be determined, the company currently anticipates that these restructuring charges will be recognized in the fiscal years ending June 30, 2024 and 2025, with initial charges recognized in the quarter ending December 31, 2023. Combining the restructuring program with an impairment charge described further below, the company anticipates total charges of approximately $2.0 billion to $2.5 billion after tax over the periods described. The company estimates a large majority of these charges will be noncash. These charges will be reported as non-core charges.”