Merck to cut 8,500 jobs, move NJ headquarters - FOX 35 News Orlando

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 This material may not be published, broadcast, rewritten or redistributed.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

  • Clark police respond to 22 reports of burglary from autos this morning

    Clark police respond to 22 reports of burglary from autos this morning

    Thursday, August 21 2014 1:25 PM EDT2014-08-21 17:25:08 GMT
    The Clark Police Department has received 22 reports of burglaries of unlocked cars Thursday morning. Reports were received from residents of Hillcrest Drive, Thomas Drive, Grove Street, Orchard Terrace, Briarheath Lane and Stonehenge Terrace. There are no suspects at this time.
    The Clark Police Department has received 22 reports of burglaries of unlocked cars Thursday morning. Reports were received from residents of Hillcrest Drive, Thomas Drive, Grove Street, Orchard Terrace, Briarheath Lane and Stonehenge Terrace. There are no suspects at this time.
  • Park Service bans drones over Appalachian Trail

    Park Service bans drones over Appalachian Trail

    Thursday, August 21 2014 8:25 AM EDT2014-08-21 12:25:02 GMT
    The National Park Service has banned drones from flying over the Appalachian Trail. The Park Service said Wednesday the interim rule prohibits launching, landing or operating unmanned aircraft from or on Appalachian National Scenic Trail lands. The ban takes effect immediately and lasts until the Park Service can develop an appropriate policy. 
    The National Park Service has banned drones from flying over the Appalachian Trail. The Park Service said Wednesday the interim rule prohibits launching, landing or operating unmanned aircraft from or on Appalachian National Scenic Trail lands. The ban takes effect immediately and lasts until the Park Service can develop an appropriate policy. 
  • Man punched in face in knockout assault

    Man punched in face in knockout assault

    Thursday, August 21 2014 6:55 AM EDT2014-08-21 10:55:16 GMT
    The so-called 'knockout game' where a person punches another unsuspecting person has made its way to Hackensack, New Jersey. Police say one assailant attacked three people all in the same day. Surveillance video shows the athletically built suspect punch a man in the face and stroll away. The man fell to the ground. Two other assaults took place within less than 15 minutes in the areas of Essex Street, Summit Avenue and Beech Street on Monday night.
    The so-called 'knockout game' where a person punches another unsuspecting person has made its way to Hackensack, New Jersey. Police say one assailant attacked three people all in the same day. Surveillance video shows the athletically built suspect punch a man in the face and stroll away. The man fell to the ground. Two other assaults took place within less than 15 minutes in the areas of Essex Street, Summit Avenue and Beech Street on Monday night.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

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