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The American multinational Procter & Gamble (P&G) that owns big brand like Gillette and Pampers plans to withdraw from the Pakistani market as part of its global restructuring process. Gillette Pakistan Limited notified the Pakistan Stock Exchange (PSX) that P&G will cease its local manufacturing and commercial operations and adopt a third-party distributorship model.
The move was influenced by the global supply chain and portfolio repositioning as a way of speeding up growth rates, it said. Gillette Pakistan’s Board will meet soon to discuss next steps that will include a possible delisting from the PSX.
Operations will be retained during the transition phase that may span across months. Employees will be eligible for relocation abroad or will get separation benefits as applicable under local laws and as per P&G global policies.
The decision by P&G to cease operations came after Microsoft recently pulled out as well as Careem, amid increasing doubts regarding Pakistan’s investment environment. Industry experts regard regulatory uncertainty and currency risk as prime challenges for overseas companies.
