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
2,500 jobs Number of planned job losses
Announcement Date
11 December 2007
Employment effect (start)
1 January 2008
Foreseen end date
31 December 2009
Description
Novartis, a multi-national group that operates in the pharmaceutical sector, has announced that it is to cut 2,500 jobs at sites in Europe and the U.S. The job losses will be implemented by the end of 2009 and are due to a need by the group to cut costs. Management at the group have stated that they hope to achieve a saving of 1.6. billion USD by 2010 through the job losses. The group employs 100,735 internationally, and management at the group have stated that they hope the job losses will be achievable through natural attrition. As of December 2007, there is no specific information on the plants that the job losses will affect.
Sources
14 December 2007: Les Echos
14 December 2007: Le Figaro
14 December 2007: 24 Heures
14 December 2007: La Tribune de Genève
Citation
Eurofound (2007), Novartis, Internal restructuring in World, factsheet number 66110, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66110.
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