Merck to cut 8,500 jobs, move NJ headquarters - My9 New Jersey

Merck to cut 8,500 jobs, move NJ headquarters

Posted: Updated:
New Jersey News New Jersey News
WHITEHOUSE STATION, N.J. (AP) - Drugmaker Merck says it plans to reduce its global workforce by another 8,500 jobs as part of a plan to cut its annual costs by about $2.5 billion by the end of 2015.

The latest workforce reductions come on top of about 7,500 in previously announced job cuts. The two rounds of cuts means it is slashing about 20 percent of its workforce currently at about 81,000 people.

Merck & Co. says the cost cuts will allow it to better target its investments on the areas with the most potential for returns.

Of the $2.5 billion in cost savings, the company says it expects to realize $1 billion by the end of 2014. Most of savings are expected to come from marketing and administrative expenses and research and development.

The new restructuring program is expected to cut costs by between $2.5 billion and $3 billion.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • New Jersey NewsNew Jersey NewsMore>>

  • Friday Night Live: July 25, 2014

    Friday Night Live: July 25, 2014

    Friday, July 25 2014 10:31 PM EDT2014-07-26 02:31:59 GMT
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this jam-packed episode: QuickChek New Jersey Festival of Ballooning, Stephen "Twitch" Boss, actress Mary Lynn Rajskub, and Michael Chernow and Chef Daniel Holzman of the Meatball Shop.
    This is Fox 5's Friday Night Live, a weekly celebration of the end of the work week. All summer long, the Fox 5 team brings you the latest in entertainment, nightlife, food, and music in our area. In this jam-packed episode: QuickChek New Jersey Festival of Ballooning, Stephen "Twitch" Boss, actress Mary Lynn Rajskub, and Michael Chernow and Chef Daniel Holzman of the Meatball Shop.
  • Maryland casino to interview workers from closing Atlantic City casinos

    Md. casino eyes workers from closing Atlantic City casinos

    Friday, July 25 2014 4:32 PM EDT2014-07-25 20:32:23 GMT
    AP photoAP photo
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
    A Maryland casino is looking to hire some of the soon-to-be-jobless Atlantic City casino workers. Maryland Live! is holding job fairs next week at the Sheraton hotel across from the Atlantic City Convention Center. The Hanover, Maryland casino held a similar recruitment effort in January when The Atlantic Club shut down.
  • Jersey City swears in new firefighters

    Jersey City swears in new firefighters

    Friday, July 25 2014 3:23 PM EDT2014-07-25 19:23:09 GMT
    AP photoAP photo
    Jersey City has 26 new firefighters, including the city's first black woman to wear the uniform. Mayor Steven Fulop swore in the newest members of the department during a ceremony at City Hall on Friday. The city said the hiring was made possible by funds from a $6.9 million federal grant that was announced in January.
    Jersey City has 26 new firefighters, including the city's first black woman to wear the uniform. Mayor Steven Fulop swore in the newest members of the department during a ceremony at City Hall on Friday. The city said the hiring was made possible by funds from a $6.9 million federal grant that was announced in January.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices