Sunday, September 16, 2012

Sacre bleu

Sanofi to Cut 1,500-2,000 Jobs in France - Report

French pharmaceutical giant Sanofi SA (SAN.FR, SNY) will disclose cuts of between 1,500 and 2,000 jobs in France on Sept. 25, French newspaper Le Figaro reported Saturday, without citing sources.

The company plans to reduce its 28,000 payroll in France mainly through attrition, the newspaper said.

In July, Sanofi had said it planned to cut jobs at two French units in a bid to preserve the company's profitability, which has been put at risk by recent patent expirations and the economic recession in most of Europe. The company had said it would detail the job cuts in September.

At the time, French Industry Minister Arnaud Montebourg had criticized the company and said he wouldn't tolerate when profitable companies slash jobs.

No comments: