Procter & Gamble (PG) stock sold off about 2% on Thursday after announcing major layoffs of its non-manufacturing workforce.

Procter & Gamble will cut 7,000 jobs, or about 6% of its workforce, over the next two years, as part of a restructuring that will include the Tide maker exiting some product categories in certain markets.

Consumer products giant Procter & Gamble is planning to trim about 15% of its non-manufacturing workforce, about 7,000 jobs, executives said Thursday.

FMCG major Procter & Gamble on Thursday announced it would reduce 7,000 jobs, or about 15 per cent of its current non-manufacturing positions, globally over the next two years. The company said employee separations will be managed with support and respect, and “in line with our principles and values and local laws”. Procter & Gamble Layoffs: FMCG Major To Reduce 7,000 Jobs, 15% of Its Non-Manufacturing Positions Globally Over Next 2 Years.