Procter & Gamble Co. says it is closing a manufacturing plant in Puerto Rico and laying off some 230 employees.

A company statement Friday says the plant in the southern town of Cayey will close in the next nine to 12 months. Officials said the company will move operations to a plant in North Carolina as part of an overall restructuring.

Procter & Gamble manufactures Olay skin care products at the Cayey plant, which it bought in 1985.

The announcement comes as the U.S. territory pushes to diversity its manufacturing sector amid an economic crisis that has seen several plants close in recent years.