AstraZeneca unveils new job cuts (7,600)

[OhioChick]

Source: BBC News

Thursday, 26 July 2007, 11:11 GMT 12:11 UK

Anglo-Swedish pharmaceutical giant AstraZeneca has said it is now planning to cut 7,600 jobs as it tries to make annual savings of $900m (£440m).
The firm had already announced it was to axe 3,000 positions, but has now raised its target.

Staff in Britain, Sweden, Germany, France, the US and Canada will be hit by the cuts, AstraZeneca said.

The firm is under pressure after a series of setbacks with drugs it has been developing.

The job losses will include 700 positions in research and development, 1,800 in European sales and marketing, and 1,800 in business infrastructure, chief executive David Brennan said.

Restructuring will cost the firm $1.6bn, he added.

In February, it was revealed that 700 jobs would go over the next three years at the company's plant in Macclesfield, Cheshire, which employs 2,500 workers.


Read more: http://news.bbc.co.uk/1/hi/business/6917344.stm

[Lerkfish]

1. I'm surprised any pharma company has financial troubles.

considering I'm going broke paying for my meds.

[aquart]

2. How big a cut did the CEO take?

[smtpgirl]

4. No cut, he idolizes *ush philosophy, no empathy, just my

$20 mil in pay and my stock options that could run in the low $100 mil.

[smtpgirl]

3. Yep AstraZenca bought MedImmune in Gaithersburg, MD

the MedImmune complex is very new and very big, I'll bet alot of people won't be back Monday.

Shudder to think I turned a job offer from there about 6 months ago.