CNN Money is carrying news of additional job cuts in five Schering R&D locations around New Jersey and Pennsylvania -- as its previously announced "Productivity Transformation Program" -- a process of down-sizing -- continues:
. . . .the layoffs included management, administrative and scientific positions, and were spread primarily across five locations in New Jersey and Pennsylvania.
Schering-Plough has been making periodic job cuts since announcing the productivity initiative, but hasn't announced every action, Galpin said.
Schering's broader cost-reduction effort was announced last year in response to increased pressure on the industry as well as a downturn in sales of cholesterol drugs Vytorin and Zetia, which Schering-Plough co-markets with Merck & Co. (MRK).
Also, Schering has run into some regulatory setbacks trying to bring new drugs to market in the U.S. . . .
How is it that this "Productivity Transformation" only began -- in the fifth year of CEO Hassan's service? Wasn't he a turnaround specialist? Gee, I wonder.