Merck KGaA Details Serono Restructuring Plan

Merck KGaA has confirmed financial details of its recently announced efficiency program, which focuses on the Merck Serono business and includes closure of Serono’s Geneva headquarters, as well as job cuts across the company’s operations in Switzerland. Merck KGaA expects to achieve net annualized savings of €300 million ($388 million) from the program by 2014 and incur one-time restructuring costs of €600 million in 2012-14. The company is targeting, via the program, Ebitda before exceptional items of €3 billion-€3.2 billion, and...

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