Drugmaker Merck to cut 8,500 more jobs to reduce costs
WHITEHOUSE STATION, New Jersey (AP) - The drugmaker Merck said on Tuesday that it plans to cut another 8,500 jobs as part of a plan to reduce its annual costs by about US$2.5 billion (S$3.13 billion) by the end of 2015.
In addition, Merck will move its headquarters from Whitehouse Station, New Jersey, to existing facilities in Kenilworth, New Jersey. The company had previously planned to close its Whitehouse Station building and move its headquarters to Summit, New Jersey, but it determined it could save more money by closing both the Summit and Whitehouse Station locations.
The move is expected to begin next year and be finished by 2015. Merck has been based in Whitehouse Station since 1992.
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.