Merck to Restructure, Lay Off 7,000 and Close Plants

Whitehouse Station, NJ - Merck & Co. Inc. has announced that it is implementing a multi-phase restructuring plan to reduce cost structure and enhance its competitiveness in the pharmaceutical marketplace.

The announcement was made Nov. 28 and includes the reduction of its global workforce by approximately 11 percent and will result in the closure of several manufacturing facilities. The first phase of the restructuring is expected to be completed by 2008 and the company says it will save the company between $3.5 billion and $4 billion by 2010.

"These savings in manufacturing should enable Merck's gross margin beyond 2008 to …