Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, July 16, 1993 TAG: 9307160154
SECTION: BUSINESS PAGE: B5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
CINCINNATI - Consumer products giant Procter & Gamble Co. said Thursday it will close 30 plants and eliminate 13,000 jobs worldwide over three to four years.
Edwin L. Artzt, chairman and chief executive officer, said the global cutbacks are the first of this scale for the 156-year-old company, famous for a broad range of items from laundry soap to disposable diapers.
"The public has come to think of corporate restructuring as a sign of trouble, but this is definitely not P&G's situation," Artzt told investment analysts at company headquarters here. "We believe that we must slim down to stay competitive in a very competitive world."
The job eliminations amount to 12 percent of 106,000 employees worldwide. Half of the job cuts will come from the plant closings and others will come mostly from early retirements, buyouts and attrition. Among administrative jobs, P&G said 60 percent, or 4,000, will be in the United States, including about 2,000 in the Cincinnati area.
The proposed closings amount to one-fifth of P&G's 147 plants worldwide. Artzt said the company is not ready to identify the plants, but they will be given at least six months' notice.
P&G stock fell 7/8 to 51 5/8 on the New York Stock Exchange. - Associated Press
\ Unions at United want ownership deal
CHICAGO - United Airlines' three largest unions said Thursday they are willing to accept reduced wages and benefits to help the carrier become profitable again, but only if they are given partial ownership of the nation's second-largest airline.
Officials of the newly formed United Airlines Union Coalition, composed of the Air Line Pilots Association, the International Association of Machinists and the Association of Flight Attendants, said a formal proposal will be given to United's management.
The union coalition did not say how much of an equity stake they would seek in the company, but one union source said it would be substantial. - Chicago Tribune
\ New Dulles building triples cargo space
CHANTILLY - Washington Dulles International Airport is tripling its cargo-handling space with a new building airport officials hailed as the start of a major expansion in cargo traffic there.
The building, which opens this week, will double the air cargo capability of the state, airport officials said.
Cargo accounts for about 18 percent of all economic activity at Dulles. At a "mature" gateway, cargo usually produces 35 percent to 45 percent of all business. - Associated Press
\ New Best stores to be first in 8 years
RICHMOND - Best Products Co. Inc. is building its first new catalog showroom since 1985 and plans to open five more this year.
The Richmond-based retailer is building a 50,000-square-foot store in suburban Harrisburg, Pa. Construction will begin this week and should be completed by November.
The new showrooms are the first major expansion for Best since it filed for protection from creditors in federal bankruptcy court in January 1991. - Associated Press
by CNB