A recent decision by Wal-Mart (WMT) to cut back inventories this year has put America's biggest consumer products companies at risk.

Wal-Mart, the world's largest discount retailer, is betting that by becoming leaner and moving to "just in time" inventory purchasing, it can further trim costs. The retailer already has one of the best inventory management systems in place, adequately meeting the needs of its 3,800 Wal-Mart stores in the United States alone. But, the company feels that the costs of carrying excess or unsold inventory can be better used for its marketing and merchandising efforts.

The discounter expects to at least partially reverse their sales and growth woes with this new inventory control measure, which had been a growing concern of shareholders.

The impact of the decision, though, is expected to be more evident in the bottom lines of the discounter's suppliers. According to industry analysts at Goldman Sachs, consumer products companies like Procter & Gamble (PG), Clorox (CLX), and Playtex have the most to lose, as their sales to Wal-Mart make up a significant portion of their total revenue. Wal-Mart was Procter & Gamble's largest customer in 2005, accounting for 16 percent of its total sales. Some smaller consumer staples companies rely on Wal-Mart for an even bigger portion of their total revenue.