Schering unlikely to target Irish jobs

THE bulk of Schering-Plough’s 2,000-strong Irish workforce is expected to escape the impact of a major consolidation by the company after net income fell by 71% to €173 million.

New CEO Fred Hassan is reorganising operations at the company, which employs 29,800 people worldwide, and plans to cut jobs to revive profits at the pharmaceutical giant. He said in a statement that he didn't want to be restricted by the company's previous forecast that it would earn 75 cents to 85 cents a share this year.

The company said it plans to consolidate its animal-health and consumer-health businesses and its research and development and manufacturing operations. However, the company will hold off on restructuring its manufacturing business until it resolves compliance issues.