LONDON (Alliance News) - Pharmaceutical giant GlaxoSmithKline PLC is to make sweeping cuts to is US operations as part of a planned restructuring, the Daily Mail reported Wednesday.
The FTSE 100-listed company is to cut 650 of its 15,000 US posts as part of an effort to fund is research & development.
A majority, 450 jobs of the jobs cut, will be sales representative positions. A further 100 jobs will be cut from its Philadelphia back office and 100 more from its research park in North Carolina.
In its second quarter results statement, the company announced that the restructuring is expected to cost GBP1.7 billion in the period to 2021 and deliver GBP400 million in savings by 2021.
http://www.thisismoney.co.uk/wires/reuters/article-6136605/Drugmaker-GSK-eliminate-650-U-S-jobs.html
Glaxo shares were down 0.3% at 1,548.60 pence on Thursday.
Glaxosmithkline (GSK)