Merck KGaA Weighs Job Cuts at Electronics Division on Market Downturn
November 06 2023 - 5:20AM
Dow Jones News
By Helena Smolak
Germany's Merck KGaA is contemplating job cuts within its
electronics division as part of a cost-saving initiative prompted
by a market downturn that is lasting longer than the industry
expected.
The German pharmaceutical and chemical conglomerate said Monday
that talks with the works council and employee representatives are
in progress.
Merck is seeking to increase efficiencies during an electronics
downturn, and while it aims to offer internal job placements, can't
rule out personnel cuts, a spokesperson said.
The news was initially reported by German newspaper Frankfurter
Allgemeine, which indicatedMerck was targeting cutting costs by 60
million euros to 90 million euros ($64.4 million-$96.6 million) in
2024.
Layoffs at Merck's headquarters in Darmstadt are ruled out by an
employment guarantee until the end of 2025, the company said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
November 06, 2023 06:05 ET (11:05 GMT)
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