Back in January we were reported that we were worried about Procter & Gamble, and today comes the news that they are set to announce the future of their European operations today. It is feared that the 600 jobs in their Nenagh plant in Co. Tipperary could be under treat. The cosmetics company has been a major employer in the town for the last 25 years. The company has confirmed that they will announce their cost cutting plans for its Nenagh plant today (Wednesday). Procter & Gamble employs over 135,000 people worldwide in 80 countries and it a world leader for personal care products manufacturing for such companies as Max Factor , Hugo Boss and Oil of Olay.
UPDATE : Procter & Gamble have just annouced that they will move their skincare product manufacturing to Eastern Europe, with the loss of 280 jobs :(. It is planned that these jobs will be phased out by the close of 2009, when they will more some of their production capacity to Poland. The cosmetic production part of P&G will remain.
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At least P&G’s two holding companies in Dublin, which made a ginormous profit of €1.5 billion in 2005, will have contributed to the Exchequer €187.5 million (12.5%) in corporation tax. Some of this should be devoted to retraining the 280 displaced workers in Nenagh so they can find other jobs in this fantastic economy, kept vibrant largely because of its low corporation tax.
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