Merck cutting 7200 jobs, including 300 at Seattle research site
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Merck & Co. Inc. said Wednesday it plans to cut 7,200 jobs, or 13 percent of its work force, in what will be the pharmaceutical company’s second restructuring effort during the past three years.
The job cuts include shutting three basic research sites in Tsukuba, Japan; Pomezia, Italy; and Seattle by the end of 2009. About 300 Seattle employees will reportedly be affected by the closure of the site, located in South Lake Union.
The company announced the job cuts, 40 percent of which will be in the United States, at the same time it reported its third-quarter earnings that showed profit declined 28 percent because of sluggish sales and restructuring charges.