P&G ending new capital investments, reducing portfolio in Russia
P&G has 2,500 direct employees in Russia and 500 in Ukraine, according to a spokesperson
Procter & Gamble Co. is ending all new capital investments in Russia and "significantly reducing" its portfolio to focus on basic hygiene, health, and personal care items, CEO Jon Moeller said in a letter to employees posted on its website on Monday.
Big investors such as New York State's pension fund are telling companies they should consider pausing operations in Russia as Russia invades neighboring Ukraine.
Cincinnati, Ohio-based P&G is also suspending all media, advertising, and promotional activity, Moeller said in the post. The company said on its website that its Russian division makes Tide detergent, Pampers diapers, and Gillette razors.
STARBUCKS, COCA-COLA, PEPSICO SUSPEND OPERATIONS IN RUSSIA; AMAZON SUSPENDS WEB SERVICES SIGN-UP
FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid
P&G has 2,500 direct employees in Russia and 500 in Ukraine, according to a spokesperson. Moeller said in the blog post that the company "proactively suspended" operations in Ukraine and is providing evacuation support, financial assistance, food, and shelter to help employees.
MCDONALD'S PAUSING RUSSIA OPERATIONS, TEMPORARILY CLOSING RESTAURANTS
"Cincinnati, Ohio, USA - September 8, 2012: Proctor and Gamble Head Offices in Cincinnati, Ohio, USA"
P&G's business in Russia and Ukraine accounts for less than 2% of the company's global sales, a spokesperson said.
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P&G had $76.1 billion in global net sales in its last fiscal year.