Merck To Close 16 Facilities As Part Of Schering Integration |
| Wall Street Journal - Jul 8, 2010 |
Merck & Co. (MRK) said Thursday it would close eight research sites and eight manufacturing plants to hit cost-saving targets promised as a result of last year's takeover of Schering-Plough.
Merck, of Whitehouse Station, N.J., had pledged to generate annual cost savings of $3.5 billion by 2012 as a result of the $49.6 billion Schering deal, which closed in November. In the first phase, announced in February, Merck said it would reduce its global work force by 15% by the end of 2012--or about 15,000 employees based on Merck's head count of 100,000 as of Dec. 31. The first phase was expected to account for about $2.6 billion to $3 billion of the targeted cost savings.
In the next stage, announced Thursday, Merck said it will phase out operations at eight research sites over the next two years. The sites are located in Montreal, Canada; the Netherlands; Denmark; Germany; Scotland; and Cambridge, Mass.
Merck's current best-selling drug, the Singulair asthma treatment, was discovered by scientists in Merck's Montreal laboratories.
Read Full Article from Wall Street Journal
- Posted: 2010-07-08 09:54:16
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