Merck to cut 8,500 jobs, move NJ headquarters - Fox 2 News Headlines

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 This material may not be published, broadcast, rewritten or redistributed.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

  • Man convicted of murder in fatal sauce pan beating

    Man convicted of murder in fatal sauce pan beating

    Tuesday, July 29 2014 4:48 PM EDT2014-07-29 20:48:41 GMT
    A man who claimed he was high on drugs and hearing voices when he fatally beat an elderly man with a sauce pan has been found guilty of felony murder.
    A New Jersey man who said he was high on drugs and hearing voices when he fatally beat an elderly man with a sauce pan has been convicted of murder.
  • Mosquito-borne virus sickens 20 in NJ

    West Nile found in New Jersey mosquitoes

    Tuesday, July 29 2014 1:09 PM EDT2014-07-29 17:09:31 GMT
    Twenty New Jersey residents have tested positive for a mosquito-borne virus that has spread through the Caribbean. The state Health Department says the residents who came down with chikungunya had returned to New Jersey from the Caribbean. Chikungunya causes a high fever and severe pain in the joints. It is rarely fatal.
    Twenty New Jersey residents have tested positive for a mosquito-borne virus that has spread through the Caribbean. The state Health Department says the residents who came down with chikungunya had returned to New Jersey from the Caribbean. Chikungunya causes a high fever and severe pain in the joints. It is rarely fatal.
  • Stuck NJ Transit train removed

    Stuck NJ Transit train removed

    Tuesday, July 29 2014 12:24 PM EDT2014-07-29 16:24:49 GMT
    A New Jersey Transit commuter train with about 1,000 passengers on board became disabled just outside the Hudson River tunnel in Manhattan on Tuesday morning. The train which was on the Northeast Corridor line broke down near 10th Ave., according to NJ Transit officials.  It is not clear what caused the mechanical problem. Lighting and air conditioning on the train were never impacted, according to NJ Transit.
    A New Jersey Transit commuter train with about 1,000 passengers on board became disabled just outside the Hudson River tunnel in Manhattan on Tuesday morning. The train which was on the Northeast Corridor line broke down near 10th Ave., according to NJ Transit officials.  It is not clear what caused the mechanical problem. Lighting and air conditioning on the train were never impacted, according to NJ Transit.
Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

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