Merck & Co., Inc. (MRK): Merck Streamlines Operations, Sacks 8,500 More Employees

Merck (MRK) just announced a new initiative to cut 8,500 jobs andreduce costs by $2.5 billion before the end of 2015. The cuts are part of Merck’s ongoing restructuring since its merger with Schering Plough and amid major sales losses to generic competition.

The new workforce reductions are in addition to previously announced reductions of 7,500 jobs and will result in a decrease of about 20% in Merck’s total global workforce, which currently stands at 81,000 employees.

Merck has already shed 19,000 jobs since 2009 and reduced billions in costs as it scrambles to replace revenues drained off as key drugs lost exclusivity.

Read the source article at Seeking Alpha

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