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P&G “Largely Unaffected” By Credit Crunch

News, 03 October 2008

CINCINNATI: Procter & Gamble's chairman/ceo A G Lafley (pictured) says the company's brands are "largely unaffected" by the financial meltdown, but that a resolution to the crisis is essential to help struggling consumers and suppliers.

"Consumers are feeling the credit crunch very directly," Lafley wrote in the Cincinnati Enquirer, adding that America's leaders need to "rally public confidence for the good of the country.” 

He continued: "When consumers see their employers struggling, and also have doubts about their own financial security, including the availability of credit to them, their confidence erodes."

Lafley also cited numerous recent instances of "mid-sized and smaller suppliers having great difficulty obtaining loans, capital guarantees and access to financial markets to take advantage of new opportunities to supply P&G."

While not stating his support for any specific resolution proposals, he concluded: "I urge the leadership of Washington to swiftly develop a proposal we can all support."

"And I urge people on Main Street to let our legislators know that it's impacting them."

Data sourced from AdAge.com; additional content by WARC staff