Friday, July 29, 2011

Merck (MRK) Slashing Another 13,000 Jobs

Merck & Co. (NYSE: MRK ) announced they're going to cut up to 13,000 jobs by 2015, as they attempt to streamline the company in order to preempt the effects of the loss of its patent on its Singulair treatment for asthma.

This follows on the heals of Merck's elimination of approximately 11,500 jobs in 2010, with the goal of cutting its workforce by 17 percent by 2012.

The goal of the company is to save about $4.6 billion through the restructuring program it has enacted.

Merck spokesman David Caouette, said the job reductions will come “disproportionately from the elimination of non-revenue generating positions."

Merck was trading at $34.14, falling $0.79, or 2.26 percent, as of 10:49 AM EDT.

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