ISLAMABAD: Procter & Gamble (P&G) has decided to close its operations in Pakistan, including its subsidiary Gillette Pakistan Limited, and has notified the Pakistan Stock Exchange (PSX) accordingly.
P&G said the company would wind down its manufacturing and commercial activities in Pakistan and rely on a “third-party distributors model” to continue to serve customers in the country.
“We will continue to operate the business in the ordinary course until the process is complete, which may take several months,” said a statement by P&G.
Moreover, according to the statement, employees whose roles are impacted by this decision will be considered for opportunities in other P&G operations outside Pakistan or will be offered separation packages in accordance with local laws, company policies, and P&G’s values and principles.
Gillette Pakistan plans to convene a board meeting shortly to evaluate the actions required for this business discontinuation, including the potential delisting from the Pakistan Stock Exchange, the company said in a filing.
“The Gillette Company LLC has conveyed to Gillette Pakistan Limited, including its Board of Directors, the decision of the Procter & Gamble Company to discontinue its business in Pakistan as part of its global restructuring program, including portfolio, supply chain, and organisation choices to accelerate growth and value creation,” it wrote.
P&G currently operates in around 75 countries and serves approximately 4.6 billion people worldwide with leading brands including Pampers, Ariel, Tide, Head & Shoulders, Pantene, Oral-B, Olay, and Gillette.
