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Industry NewsP&G ending new capital investments, reducing portfolio in Russia

P&G ending new capital investments, reducing portfolio in Russia

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Procter & Gamble is reportedly ending all new capital investments in Russia and reducing its portfolio to focus on basic hygiene, health and personal care items, CEO Jon Moeller said in a letter to employees posted on its website, according to Reuters. Cincinnati, Ohio-based P&G is also suspending all media, advertising and promotional activity, Moeller said in the post.

The company says on its website that its Russian division makes Tide detergent, Pampers diapers and Gillette razors.

P&G has 2,500 direct employees in Russia and 500 in Ukraine, according to a spokesperson. Moeller said in the blog post that the company “proactively suspended” operations in Ukraine and is providing evacuation support, financial assistance, food and shelter to help employees.

(Reporting by Jessica DiNapoli in New York; Editing by Chris Reese and Cynthia Osterman)

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