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Procter & Gamble plans more job cuts

NEW YORK — Procter & Gamble Co., owner of Boston-based Gillette, said it plans to cut more jobs and increase share repurchases as it works on its turnaround plan. The news comes as the company holds its annual analyst meeting in Cincinnati and faces pressure to improve its results.

P&G previously announced plans to cut 10 percent of its nonmanufacturing jobs, or 5,700, by June 2013; it plans to continue to reduce non-manufacturing jobs by 2 to 4 percent between 2014 and 2016. It will continue to hire in other areas, however.

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P&G also said it expects to buy back $4 billion to $6 billion of its shares. Previously it forecast $4 billion.

In May, P&G said it would focus on its 40 top businesses, 20 biggest new products, and 10 most profitable emerging markets in a plan to save $10 billion by fiscal 2016.

Activist investor William Ackman has disclosed he has a 1 percent stake in the P&G.

For the full year P&G kept its guidance for adjusted core earnings of $3.80 to $4 on flat revenue growth to up 1 percent.

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