Novartis Swinging Axe in U.S., Focus on China
April 7, 2009 at 2:56 pm EST | Tags: Economy & Layoffs
In an interview today, Novartis (NVS) CEO Daniel Vasella said the pharma giant will be reducing its operations in the U.S. and focusing on investments in China. We can only assume this means that the axe will swing again soon at NVS. NVS announced in 2008 that they would be axing 550 jobs (nothing compared to the thousands at Merck and Pfizer), but no word since then.
Vasella also denied rumors that NVS would conduct a large-scale acquisition plan throughout the world. Vasella stressed that it was very interested in biopharmaceutical companies, including some in China, and has already been making small acquisitions.
The NVS expansion in China will generate more new jobs in China. The company already announced in 2008 that total number of its employees there would double to 7,000 over the next five years.
Stay tuned for layoff news in the U.S.
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