CINCINNATI — Procter & Gamble Co. announced plans to cut up to 7,000 jobs over the next two years, which accounts for 15% of its non-manufacturing workforce, as the company navigates the challenges posed by tariffs and slower growth.

The company hasn’t said how many of the layoffs will occur in Cincinnati, where P&G employs about 10,000 employees.

P&G shared the news with investors in a Deutsche Bank analyst call Thursday morning, warning investors that it might reduce sales growth by selling or discontinuing certain brands and products. But it also sees a potential for up to $25 billion in new growth opportunities that it wants to capture by investing in new product innovations.

“Just the opportunity to accelerate that innovation pipeline, make the right investments and capture that growth opportunity, I think created that urgency in the organization to say now is the time,” said Chief Financial Officer Andre Schulten.

P&G has experienced several years of stable revenue growth, reaching $84 billion in 2024. But it reported a 2% decline in revenue in the quarter ending March 31 and informed investors that it was exploring price increases to cope with rising costs related to tariffs.

In Wednesday’s conference call, Schulten said more details will be revealed in P&G’s next earnings call about its two-year restructuring plan.