Novartis slashes jobs in latest industry cutback
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Switzerland's Novartis AG will slash 2.5 percent of its global workforce, aiming for annual savings of $1.6 billion in 2010, becoming the latest major drugmaker to undertake a deep restructuring.
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By Christopher Bowe and Andrew Jack in Whitehouse Station, New Jersey. Merck has quickened the pace of its restructuring with plans to cut a further 700 jobs, targeting about $3bn in savings by the end of 2008
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Drugmaker Eli Lilly and Co. (LLY.N: Quote, Profile, Research) on Thursday said it will eliminate up to 575 US positions, representing 2 percent of its US work force, in order to streamline operations and reduce costs.
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Global stock markets fall sharply after US employers cut back on jobs for the first time in four years.
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Colgate-Palmolive Co., the consumer products giant behind brands like Ajax detergent and Irish Spring soap, plans to cut its worldwide work force by about 12 percent, or about 4,400 jobs, and close one-third of its factories as part of a four-year plan
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Two local healthcare companies this week alerted the government that they will soon eliminate a total of about 160 jobs.
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Medical device maker Medtronic Inc. , feeling the pinch of a slowdown in one of its key markets, will eliminate about 900 jobs through early retirement packages, voluntary and involuntary separations, the company said in a filing.
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Swiss pharmaceutical giant Novartis on Thursday announced record earnings over the first nine months of the year, but third quarter profits fell 12 percent on sharper competition from generic drugs.
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Eli Lilly and Co. LLY.N said  Thursday it plans to cut 575 jobs, or a little more than 2  percent of its U.S. workforce, in a move to streamline its  operations.
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BASEL, Switzerland  - Swiss drugmaker Novartis AG  missed forecasts with a 42 percent drop in fourth-quarter net profit, hit by generic competition and a one-off restructuring charge, sending its shares lower.
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Drug wholesaler Cardinal Health Inc.  said on Monday it would cut 4,200 jobs, or 7 percent of its work force, and close 25 facilities around the world as part of a plan to reduce costs.
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Pressured by global competition, Colgate-Palmolive announced today that it would cut jobs and close plants to increase profit margins.
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Colgate-Palmolive Co. plans to cut about 4,440 jobs or 12 percent of its workforce in four years as competition from Procter &amp; Gamble Co.
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BASEL, Switzerland  - Novartis AG fourth-quarter net profit fell 42 percent to $931 million, missing forecasts, hit by generic competition and a one-off restructuring charge, the Swiss drugmaker said on Thursday.
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Colgate-Palmolive Co., the consumer products giant, will close a third of its factories and cut 4,400 jobs, or roughly 12 percent of its worldwide workforce, as part of a
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The drugmaker Bayer AG said Friday that it will cut 6,100 jobs, or 5.5 percent of its work force, as it integrates Schering AG into its health care unit. More than half of the cuts will be in Europe, but about 1,000 positions will be eliminated in the United States.
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Indianapolis-based drug manufacturer, Eli Lilly, is eliminating 575 US jobs, in order to streamline operations and become more competitive.