The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations
4,400 jobs Number of planned job losses
Announcement Date
23 October 2003
Employment effect (start)
Foreseen end date
1 December 2004
Description
Merck, America's number two for pharmaceutical products, annnounced a significant cost saving plan affecting 7% of its workforce worldwide, i.e. 4,400 jobs. Merck's aim is to save between 250 and 300 billion dollars this year. By the end of 2004, 3,200 employees of the group will be dismissed and 1,200 temporary workers will terminate their contracts and hence leave the group.
Sources
23 October 2003: Les Echos
Citation
Eurofound (2003), Merck, Internal restructuring in World, factsheet number 60104, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60104.
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