Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 3rd November, pharmaceutical company Janssen Phamaceutica announced its intention to cut 558 jobs in the next three to four years at three of its Flemish sites (Beerse, Geel and Olen). Some 318 jobs will be cut in 2010. "New drugs are facing rapid and intense competition" said Tom Heyman, executive director of Janssen Phamaceutica. He also said that the revenues from new HIV treatments was insufficient to cover the shortfall arising from expiring patents and price competition. This is the fourth restructuring at the company in seven years. The number of job losses was reduced to 482 when the second notification of redundancy was announced in February 2010.
The parent company of the pharmaceutical company, the American company Johnson and Johnson, has also recently announced job cuts worldwide.
Eurofound (2009), Janssen Pharmaceutica, Internal restructuring in Belgium, factsheet number 69892, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69892.
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