Novartis to cut 2,500 jobs to save 1.6 billion dollars
Basle, Switzerland (dpa) December, 13, 2007 - The Swiss pharmaceutical giant Novartis announced a major efficiency drive Thursday involving the loss of 2,500 full-time jobs.
The programme, to be implemented in 2008-2009, was expected to generate 1.6 billion dollars in savings in 2010.
The Basle-based group, which employs 100,000 people, said in a statement that most of the job cuts would be absorbed through the "normal fluctuation in staffing levels."
It said there would be a restructuring charge of 450 million dollars to be off set in the fourth quarter of this year.
The company said the initiative - which it has named Forward - was aimed at enhancing productivity by streamlining the organization and redesigning the way it operated.
It would enable Novartis to meet more rapidly the needs of patients and customers by focusing resources on priority activities that include the research and development of new medicines. dpa