Boston, MA 02\/06\/2014 (wallstreetpr) –\u00a0Astrazeneca Plc (ADR) (NYSE:AZN)<\/b> is eliminating 550 more jobs from its ranks. If this move is implemented, the company would have chopped off a total of 5,600 jobs for the sake of its ongoing deep restructuring that is expected to save more money for strategic profit deals.<\/p>\n
The latest reduction in workforce will be made by end of 2016 as the company cites trouble from generic drugs that continue to eat into its profits. In 2013, the company faced $1.76 billion impairment charge due to the lackluster Bydureon. The company also increased by $200 million the cost of its restructuring program. All that resulted in a $2.5 billion blow to the company last year.<\/p>\n
While Astrazeneca Plc (ADR) (NYSE:AZN)<\/b> has not issued details about the specific units that would be affected the most in the latest announced job cuts, it is known that deep cuts have been made in research and development since the expanded restructuring started.<\/p>\n
Sony too cites losses<\/b><\/p>\n
As for Sony Corporation (ADR) (NYSE:SNE)<\/b>, up to 5,000 jobs have been booked for chopping as the company warns about booking $1.08 billion in annual loss. The company is struggling to stay firm and exiting the lackluster PC market now seems to be a great idea towards the turnaround.<\/p>\n
The company hopes that intended job cuts will spare it about $1 billion a year as early as next year. Also, as rivals Apple Inc (NASDAQ:AAPL)<\/b> and Samsung Electronics turn competition in the electronics market red-hot, the company not only has to do more to uplift the status of its balance sheet, but the estimated $400 million proceed from the sale of its PC segment would be a short in the arm.<\/p>\n
Area to benefit from restructuring<\/b><\/p>\n
In the news release issued today, Astrazeneca Plc (ADR) (NYSE:AZN)<\/b> says that reason for expanding its restructuring initiatives is to create headroom for pipeline investment as well as investment in other key growth platforms.<\/p>\n
Moreover, Astrazeneca Plc (ADR) (NYSE:AZN)<\/b> hopes that ongoing deep restructuring will include transformation of the IT infrastructure and organization as well as exit from branded generics in some emerging markets. When achieved, these activities will help in further cost reduction and improvement of flexibility.<\/p>\n
Sony on the other had hopes that it would be able to boost the performance of its PlayStation games console and Bravia televisions, while sitting well to face rivals in the electronic industry.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 02\/06\/2014 (wallstreetpr) –\u00a0Astrazeneca Plc (ADR) (NYSE:AZN) is eliminating 550 more jobs from its ranks. If this move is implemented, the company would have […]<\/p>\n","protected":false},"author":10,"featured_media":7809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[263],"tags":[1612,4503,1002,4504,1634,1633],"stock_ticker":[],"class_list":["post-14654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-apple-inc-nasdaqaapl","tag-astrazeneca-plc-adr-nyseazn","tag-nasdaqaapl","tag-nyseazn","tag-nysesne","tag-sony-corporation-adr-nysesne","entry"],"acf":[],"yoast_head":"\n