Roche to cut 4,800 jobs

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- Swiss health care company Roche said Wednesday it would cut 4,800 jobs over the next two years as part of its "Operation Excellence Program."

Roche said it hoped to save about $2.4 billion through 2012, primarily by cutting or adjusting 6% of its work force of 82,000 people.

In addition to the 4,800 job cuts, the company plans to transfer 800 jobs internally and transfer 700 jobs to "third parties," affecting some 6,300 jobs overall.

Most of the job cuts and transfers would occur in the pharmaceuticals division, primarily in sales, marketing and manufacturing.

In the United States., the company will cut 3,550 jobs. The cuts and other restructuring actions will affect facilities in California, Colorado, New Jersey, South Carolina and Wisconsin. Outside the United States, the reorganization will be focused in Switzerland, Germany and Austria.

The company said it was "adapting cost structures to an increasingly challenging market environment."

Based in Basel, Roche is a drug developer focusing on cancer, virology, inflammation, metabolism and the central nervous system. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.98%3.93%
15 yr fixed3.04%3.04%
5/1 ARM3.30%3.69%
30 yr refi4.05%3.99%
15 yr refi3.11%3.10%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 16,677.90 216.58 1.32%
Nasdaq 4,452.79 69.95 1.60%
S&P 500 1,950.82 23.71 1.23%
Treasuries 2.28 0.05 2.06%
Data as of 8:01am ET
Company Price Change % Change
Apple Inc 104.83 1.84 1.79%
Bank of America Corp... 16.60 0.20 1.22%
AT&T Inc 33.66 -0.84 -2.43%
Microsoft Corp 45.02 0.64 1.44%
Facebook Inc 80.04 1.67 2.13%
Data as of Oct 23

Sections

Buffett's investment firm lost big on Coca-Cola and IBM this week, but that's about the extent of his losses this year. More

Regulators are about to reveal the results of an extensive health check of Europe's top 130 banks, indicating which may need a cash infusion. More

Using technology developed for the military and implemented in Iraq, schools have installed alarm systems that detect gunfire. More

Dressing up in crazy costumes, traveling the world, posing for photos -- and getting paid to do it. Here are journal entries from a day in the life of professional "cosplay" character, Linda Le. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.