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Company to cease operations in Nigeria, divest fabric and home care business in Argentina
December 12, 2023
By: Karen McIntyre
Editor
Procter & Gamble has announced it will restructure operations Nigeria and Argentina amidst challenging business climates in both countries. The company will convert Nigeria to an imports-only market, effectively dissolving its footprint in the country, and is seeking to divest its fabric and home care businesses in Argentina. The company cited challenges in conducting these businesses as a dollar-denominated organization and attributed its decision to the macroeconomic conditions in economies, like Nigeria and Argentina, which have both faced challenges in recent years. While the exact timeline for the withdrawal has not yet been revealed, P&G anticipates incurring these charges throughout the fiscal years of 2024 and 2025, with the first charges appearing in the financial quarter ending December 31, 2023. P&G CFO Andre Schulten discussed the plan during Morgan Stanley’s Global Consumer and Retail Conference. “We are at the point in both markets where a change in the approach will yield a better result,” he said. “It is about what is the best way to go to market in those geographies, what is the best way to serve the customer and the best way to create shareholder value.”
According to Schulten, Nigeria contributes $50 million in net sales to the business while the Argentinean operations represent about $400 million. P&G expects to retain some of the Nigerian sales as an imports-only business. In Argentina, the fabric and home care business will be divested, while the fate of the rest of P&G’s business there remains unclear. Within the scope of P&G’s $85 billion global portfolio, executives do not expect any significant impact on the balance sheet in terms of sales or profitability. “We see this as a good sign of portfolio disciplie, leaving areas where we don’t believe we can create value for shareholders to ensure the organization is focused on areas where we can achieve growth,” Schulten adds.
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