US Drugmaker Merck Says to Cut 7,000 Jobs
Posted on: Tuesday, 29 November 2005, 09:00 CST
US drugmaker Merck says to cut 7,000 jobs
WASHINGTON, Nov. 28 (Xinhua) -- Financially embattled drugmaker Merck & Co., one the biggest drugmaker in the United States, said on Monday that it will cut about 7,000 jobs and will close or sell five of its 31 manufacturing plants by the end of 2008.
It is the first phase of Merck's reorganization strategy which aims to save up to 4 billion dollars by the end of the decade.
Merck said that half of the planned job cuts -- in manufacturing and other divisions -- will target its US operations. The company employs just under 63,000 people, half of them in the United States. The cuts are intended to reduce the company's cost structure, increase efficiency and enhance competitiveness.
"The actions we are announcing today are an important first step in positioning Merck to meet the challenges the company faces now and in the future," said Richard T. Clark, Merck's chief executive officer and president during a morning conference call. "We believe they will improve our earnings-per-share and ultimately enhance our shareholder value."
Source: Xinhua News Agency - CEIS
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