Merck to cut 8,500 jobs, move NJ headquarters - FOX 29 News Philadelphia | WTXF-TV

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 This material may not be published, broadcast, rewritten or redistributed.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>>

  • NJ, NY officials meet about security

    NJ, NY officials meet about security

    Monday, September 15 2014 5:50 PM EDT2014-09-15 21:50:11 GMT
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
    With new concerns about home grown terrorism becoming more urgent, city and state officials -- including New Jersey Gov. Chris Christie, New York Gov. Andrew Cuomo, and New York City Mayor Bill de Blasio -- met with Homeland Security Secretary Jeh Johnson to devise new strategies. NYPD counterterrorism police stood watch outside the Midtown Manhattan meeting where city, state and federal law enforcement officials coordinated their new security plans.
  • NJSIAA investigating alleged racist bananas incident at Summer-North Plainfield High School football game

    NJSIAA investigating alleged racist bananas incident at Summer-North Plainfield High School football game

    Monday, September 15 2014 4:49 PM EDT2014-09-15 20:49:19 GMT
    Assistant Superintendent of North Plainfield Schools Dr. Robert Rich confirmed that an incident of alleged racism occurred prior to the high school football game last Friday between Summit and North Plainfield. Rich also confirmed that there are internal and external investigations into the allegations.
    Assistant Superintendent of North Plainfield Schools Dr. Robert Rich confirmed that an incident of alleged racism occurred prior to the high school football game last Friday between Summit and North Plainfield. Rich also confirmed that there are internal and external investigations into the allegations.
  • Greta's Run in Westfield draws over 1,000 participants

    Greta's Run in Westfield draws over 1,000 participants

    Monday, September 15 2014 10:57 AM EDT2014-09-15 14:57:17 GMT
    reta Schoenemann was in her second week at Westfield High School on Sept. 11, 2002, when strong winds caused a large tree branch to fall where she and friends were sitting for lunch. All 10 of the students below were injured. Greta died four days later.This Sunday, her memory will be honored at the second annual Greta's Run, a 5K fundraiser for special needs programs at the Westfield Area Y.
    reta Schoenemann was in her second week at Westfield High School on Sept. 11, 2002, when strong winds caused a large tree branch to fall where she and friends were sitting for lunch. All 10 of the students below were injured. Greta died four days later.This Sunday, her memory will be honored at the second annual Greta's Run, a 5K fundraiser for special needs programs at the Westfield Area Y.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices