Merck & Co., Inc. (NYSE: MRK) will dump 16,000 workers now that its merger with Schering-Plough well along.
The company announced plans to phase out operations at eight research sites and eight manufacturing sites, as well as to continue to consolidate office facilities worldwide.
“Today’s announcement is another important step as we successfully integrate our global operations on schedule and move forward with Merck’s strategic priorities,” said Richard T. Clark, chairman and chief executive officer of Merck. “These changes are crucial to drive future growth and realize the promise of being a global health care leader for the long term. While we believe these actions are necessary to support Merck’s competitive advantage, they required difficult decisions that will impact some of our colleagues, their families and local communities. We will implement our restructuring plans with the utmost care and respect for the hard-working and talented employees of Merck,” he said.
He did not mention that he made $16.8 million last year and will not be taking a pay cut as part of the restructuring.
Douglas A. McIntyre