Merck to Cut 7,200 Jobs as Sales and Profit Feel Generic Competition, an Industrial Info News Alert

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Thu Oct 23, 2008 6:00am EDT 

  SUGAR LAND, TX, Oct 23 (MARKET WIRE) -- 
Researched by Industrial Info Resources (Sugar Land, Texas) -- Merck &
Company Incorporated (NYSE:MRK) (Whitehouse Station, New Jersey) plans to
cut its worldwide work force by 12%, or 7,200 people, by 2011, said
Richard Clark, Chairman, President and CEO. The company reported
third-quarter 2008 net income of $1.09 billion, a 28% drop compared with
the same period last year, as it felt the effects of its generic
competitors and sales declines. "In terms of growth and new product
introductions, 2006 and 2007 were outstanding years for Merck," Clark
said. "This year, thus far, has been a more complicated story."

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