Eli Lilly plans to cut 4,000 jobs
Tuesday 12 October 1993
The US pharmaceuticals giant said it expected to reduce its workforce by 2,000, or about 10 per cent, by mid-1994, and shed 2,000 more over the next few years by restricting the use of contract workers.
Lilly said it expected third-quarter earnings to be dollars 0.98-dollars 1.00 per share. This compares with a loss of dollars 0.91 a year earlier.
The company said it would probably record several unusual pre-tax charges in the fourth quarter related to the early retirement programme and restructuring. It also said it was reducing the size of its London headquarters and its Vienna regional office.
However, Lilly still intends to expand pharmaceutical operations in Europe.
Lilly said its Hybritech unit was discontinuing involvement in radio-immune therapy businesses since it no longer fitted into the diagnostics business. Various options for the businesses are being explored.
The retirement programme is likely to be hardest felt in the state of Indiana, where about 12,000 are employed.
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