Merck to cut 8,500 jobs, move NJ headquarters - Houston weather, traffic, news | FOX 26 | MyFoxHouston

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 This material may not be published, broadcast, rewritten or redistributed.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

  • Federal authorities to monitor Newark police

    Federal authorities to monitor Newark police

    Tuesday, July 22 2014 9:37 PM EDT2014-07-23 01:37:12 GMT
    Newark police engaged in the excessive use of force, routinely stopped people on the street for no legitimate reason and regularly stole property from civilians, the U.S. Department of Justice concluded in a report released Tuesday that set the stage for federal monitoring of the police department that serves New Jersey's largest city. The report is the culmination of a three-year investigation begun months after the American Civil Liberties Union filed a complaint.
    Newark police engaged in the excessive use of force, routinely stopped people on the street for no legitimate reason and regularly stole property from civilians, the U.S. Department of Justice concluded in a report released Tuesday that set the stage for federal monitoring of the police department that serves New Jersey's largest city. The report is the culmination of a three-year investigation begun months after the American Civil Liberties Union filed a complaint.
  • Anaconda sightings in Lake Hopatcong reported

    Anaconda sightings in Lake Hopatcong reported

    Tuesday, July 22 2014 5:59 PM EDT2014-07-22 21:59:16 GMT
    Boaters in Lake Hopatcong in New Jersey are keeping an eye out for an unwanted visitor lurking underwater: a 14- or 15-foot-ong snake, possibly a green anaconda. Several people have seen the reptile, which has probably holed up in a drain pipe. Reptile specialists are also searching the lake for signs of the snake. So far no more sightings have been reported.
    Boaters in Lake Hopatcong in New Jersey are keeping an eye out for an unwanted visitor lurking underwater: a 14- or 15-foot-ong snake, possibly a green anaconda. Several people have seen the reptile, which has probably holed up in a drain pipe. Reptile specialists are also searching the lake for signs of the snake. So far no more sightings have been reported.
  • Search for masked robbers in Caesars heist

    Search for masked robbers in Caesars heist

    Tuesday, July 22 2014 3:28 PM EDT2014-07-22 19:28:51 GMT
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
Powered by WorldNow

KRIV FOX 26
4261 Southwest Freeway
Houston, TX 77027

Phone: (713) 479-2801
Fax: (713) 479-2859

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