West Point worries? Merck cut 1,950 jobs in the first six months of 2015, with more to come
Merck & Co., cut 1,950 jobs in the first six months of 2015 as part of two cost-cutting programs announced in 2010 and 2013, and the near-term pain might not be over.
Merck calls one job-cutting plan "the 2013 Restructuring Program," announced Oct. 1 of that year. It was designed to cut 8,500 positions - employees, contractors and vacancies - mostly in sales, administrative and marketing. Merck said in the filing that as of June 30, it had eliminated 7,290 of the 8500 positions. About 1,195 people (or vacant spots) were cut in the first six months of 2015. The remainder in that program - 1,210 people or positions - will likely be dropped by the company by the end of 2015.
Merck calls the other job-cutting plan the "Merger Restructuring Program," which started in 2010 and refers to the $41 billion takeover of Schering-Plough that was first announced in 2009. Under that plan, through June 30, Merck said in the filing, the company "has recorded total pretax accumulated costs of approximately $8.2 billion and eliminated approximately 29,160 positions comprised of employee separations, as well as the elimination of contractors and vacant positions."
Yes, you read that correctly: 29,160 positions.
Philadelphia-area Merck folks, call me or email me if you are willing to share thoughts on the cuts. My office phone number is 215-854-4506 and email is dsell@phillynews.com. Best of luck.
http://www.philly.com/philly/blogs/...rst-six-months-of-2015-with-more-to-come.html
Merck & Co., cut 1,950 jobs in the first six months of 2015 as part of two cost-cutting programs announced in 2010 and 2013, and the near-term pain might not be over.
Merck calls one job-cutting plan "the 2013 Restructuring Program," announced Oct. 1 of that year. It was designed to cut 8,500 positions - employees, contractors and vacancies - mostly in sales, administrative and marketing. Merck said in the filing that as of June 30, it had eliminated 7,290 of the 8500 positions. About 1,195 people (or vacant spots) were cut in the first six months of 2015. The remainder in that program - 1,210 people or positions - will likely be dropped by the company by the end of 2015.
Merck calls the other job-cutting plan the "Merger Restructuring Program," which started in 2010 and refers to the $41 billion takeover of Schering-Plough that was first announced in 2009. Under that plan, through June 30, Merck said in the filing, the company "has recorded total pretax accumulated costs of approximately $8.2 billion and eliminated approximately 29,160 positions comprised of employee separations, as well as the elimination of contractors and vacant positions."
Yes, you read that correctly: 29,160 positions.
Philadelphia-area Merck folks, call me or email me if you are willing to share thoughts on the cuts. My office phone number is 215-854-4506 and email is dsell@phillynews.com. Best of luck.
http://www.philly.com/philly/blogs/...rst-six-months-of-2015-with-more-to-come.html