Procter & Gamble (P&G) has said that it could sell up to 100 brands in the next two years and cut jobs to revive sales growth that witnessed dip of 3% a year over the last three years.
This move is part of the company’s strategy to save costs and streamline core operations.
The maker of Gillette razors and Tide detergent is seeking to double down on about 80 brands that generate 95% of the profits and 90% of sales.
Over recent period, Procter & Gamble was facing challenging environment as consumers continue to spend less than they did before the financial crisis.
Speaking about fourth-quarter results Procter & Gamble chief executive A G Lafley told reporters: "This new streamlined P&G should continue to grow faster and more sustainably, and reliably create more value.
"Importantly, this will be a much simpler, much less complex company of leading brands that’s easier to manage and operate," Lafley added.
P&G told Reuters that company’s family, feminine and baby care business would lose fewer brands than its other four businesses.
This April, Procter & Gamble agreed to sell its pet food brands Iams and Eukanuba to the candy maker Mars for $2.9bn.