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.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21.1 - Manufacture of basic pharmaceutical products
1,000 jobs Number of planned job losses
Announcement Date
29 September 2016
Employment effect (start)
Foreseen end date
Description
Novo Nordisk, the Danish manufacturers of insulin, are to cut 1,000 jobs in a cost cutting measure as competition for their product increases. Half the cuts will be in Denmark, and will fall on the research and development, sales, and administrative areas of operation. The cuts will be overseen by a new CEO, with the long serving chief executive standing down imminently. There has been increased competition and a slow growing market, particularly in the USA, which has catalysed this downsizing. The American market accounts for about half of Novo Nordisk's revenue, causing Novo Nordisk to cut its profit forecast by 8% in August. 2016's financial outlook will not change as a result of this downsizing, although long term savings are expected to be between $105-150 million (EUR 93-98 million).
Sources
29 September 2016: The Wall Street Journal
29 September 2016: Fortune
Citation
Eurofound (2016), Novo Nordisk, Internal restructuring in World, factsheet number 88787, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88787.
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