Comments
Pharma firm, Astrazeneca, said on Thursday that it will cut 7,300 jobs by the end of 2014, as a part of cost saving programme.
“Today the company announces the start of a new set of restructuring initiatives to further reduce costs and increase flexibility in all functional areas... The total number of positions expected to be impacted for this phase is estimated to be approximately 7,300,” Astrazeneca said in a statement.
However, the company has not disclosed how much staff would be reduced at which place. The job cut move will deliver $ 1.6 billion in annual benefits by the end of 2014.
The company laid off 12,600 positions between 2007 and 2009 and axed another 9,000 roles by the end of last year. Astrazeneca employ over 61,000 people globally of which 24 per cent staff is in Asia, Africa and Australasia.
Astrazeneca was formed in 1999 through the merger of Astra AB of Sweden and Zeneca Group PLC of the UK.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.