Genzyme, Buy-Out Target, Makes Mass Layoffs: National Employee Morale Day
Genzyme (NASDAQ: GENZ), the target of a buyout offer from Sanofi-Aventis, began to lay-off almost 10% of its workforce today. The company would not say exactly what the size of the cuts would be. Genzyme may have decided on the…
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Genzyme may have decided on the move to increase margins. Sanofi-Aventis has offered $18.5 billion to buy the smaller company. Genzyme’s board has dismissed the offer as too low.
Sanofi-Aventis recently disclosed that it has lined-up $10 billion in financial backing to close a transaction.
Lay-offs to increase the value of the company? Cruel.
Douglas A. McIntyre
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
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McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.