About 7,600 to be laid off in a $1.6bn restructuring programme to save costs
AstraZeneca, intending to expand its restructuring program, will eliminate 10% of its 2006 workforce (about 7,600 jobs) as part of efforts to reduce costs and to save $900 million by 2010.
The axe will fall on AZ's European sales and marketing team as well as employees working in R&D and other areas in Britain, Sweden, Germany, France, the US and Canada.
The cost of AZ's restructuring could be $1.6 billion.
AZ has been shoring up its development pipeline, investing through acquisitions, as well as restructuring manufacturing to save costs. In February 2007, AZ acquired Arrow Therapeutics, adding to its portfolio of anti-infectives and announced it planned to cut 3,000 jobs. In April, the company announced the acquisition of MedImmune for $15.6 billion, adding biological medicines and vaccines.
AZ's chief financial officer Jon Symonds, is to leave the company in order to join Goldman Sachs. According to chief executive officer, David Brennan, the company's financial controller, Paul Kenyon, will act as interim finance head.while a search for a new CFO is underway.
Related articles:
AstraZeneca acquires MedImmune... >>>
AZ takes over DSM's biomanufacturing unit >>>
Keywords : Europe, AstraZeneca, Restructuring, Workforce reduction, Job loses, Costs savings, M&A, Acquistions, Arrow Therapeutics, MedImmune, Recruitment,
