Schering-Plough plans to slash some 1100 jobs in a cost-cutting move, shuttering a plant in Puerto Rico and laying off workers in New Jersey. Most of the cuts will come in Manati, Puerto Rico. Schering-Plough styled these cuts as essential if it plans to remain competitive. The manufacturing restructuring is expected to save the drug maker some $100 million a year, beginning in 2007.
- here's the AP report on Schering-Plough