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 This material may not be published, broadcast, rewritten or redistributed.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

  • Court rules for township: Mathis will not be reinstated as chief

    Court rules for township: Mathis will not be reinstated as chief

    Friday, August 1 2014 11:52 AM EDT2014-08-01 15:52:06 GMT
    Superior Court Judge Mark Cirocca ruled Thursday in favor of the Township of Berkeley Heights and Mayor Joe Bruno in their case against former Police Chief Mike Mathis, who will not be reinstated to his position. In his decision, Cirocco stated that Mathis failed to demonstrate "by clear and convincing evidence" that Bruno lacked the authority to unilaterally accept Mathis' resignation as set forth in the protocols of the Berkeley Heights Township Municipal Code.
    Superior Court Judge Mark Cirocca ruled Thursday in favor of the Township of Berkeley Heights and Mayor Joe Bruno in their case against former Police Chief Mike Mathis, who will not be reinstated to his position. In his decision, Cirocco stated that Mathis failed to demonstrate "by clear and convincing evidence" that Bruno lacked the authority to unilaterally accept Mathis' resignation as set forth in the protocols of the Berkeley Heights Township Municipal Code.
  • Montclair State University to make SAT & ACT scores optional

    Montclair State University to make SAT & ACT scores optional

    Friday, August 1 2014 11:20 AM EDT2014-08-01 15:20:34 GMT
    Photo courtesy of TAPinto.netPhoto courtesy of TAPinto.net
    Montclair State University (MSU) announced Tuesday that it will join the ranks of more than 800 of the nation’s leading colleges and universities and make the SAT/ACT test an optional requirement for all applicants seeking undergraduate admission. This announcement makes MSU the first public university in New Jersey do so.
    Montclair State University (MSU) announced Tuesday that it will join the ranks of more than 800 of the nation’s leading colleges and universities and make the SAT/ACT test an optional requirement for all applicants seeking undergraduate admission. This announcement makes MSU the first public university in New Jersey do so.
  • Shooting at NJ Transit station

    Shooting at NJ Transit station

    Friday, August 1 2014 8:53 AM EDT2014-08-01 12:53:14 GMT
    Police were investigating a shooting at the NJ Transit train station in Elizabeth, N.J. on Friday morning.  It apparently happened around 4:30 a.m. The victim was shot in the leg in an apparent robbery.
    Police were investigating a shooting at the NJ Transit train station in Elizabeth, N.J. on Friday morning.  It apparently happened around 4:30 a.m. The victim was shot in the leg in an apparent robbery.
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