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Business

German Drugmaker Schering to Cut 900 Jobs

Schering AG, the world's biggest manufacturer of birth-control pills, has announced plans to slash 900 jobs and close down half of its 24 production sites in a bid to restore growth after two years of falling profits. The latest round of job cuts at the Berlin-based company come on top of 1,100 already announced and bring the total reductions to almost 8 percent of its work force of 26,369. Schering announced the cost reduction program would save the company €200 million ($241 million) during 2006 and raise its operating margin to 18 percent of sales by that year, from 14 percent in 2003. The company will now focus on its most profitable products, such as cancer drugs and hormone treatments while dropping heart research and most products on nervous system disorders.