NEW YORK (AP) The maker of a diet soda, a popular energy drink and a key part of the company’s growth strategy, said it plans to reduce employees by 10 percent.
The move comes as the company struggles to attract and retain employees amid concerns about the company going public.
Procters, based in St. Louis, announced the layoffs on Tuesday, and it said the cuts would come to about 10,000 employees, with the company projecting a profit in 2021.
Procters said it has not yet announced details about the cuts, but that it plans on increasing the number of employees and the number who work part time or freelance.
The company said the reductions will be achieved by eliminating vacant positions, reducing the size of its workforce, and reducing expenses.
Prots CEO Paul Bostrom said the company plans to slash spending and reduce the size and scope of the workforce.
The company also plans to take a “smaller bite” out of its revenue growth as it focuses on a bigger market, he said in a statement.
Proces has struggled to attract employees to the U.S. and Europe, but Bostom said in the statement that the company will remain focused on its core business.
is also a major investor in Coca-Cola Co., which makes Proctercandas beverage and has expanded its portfolio of products.
Proctor &s CEO Paul Gittes said the deal will provide additional resources for Coca-cola.
Proctors shares rose 1.8 percent to $52.90 in afternoon trading.