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Rahway, NJ
On Your Side
Rahway-Based Merck Stock Drops, Layoffs Begin In $3B Restructuring Plan
Merck, a pharmaceutical company headquartered in Rahway, announced it will be undergoing layoffs after a disappointing second quarter. In its earnings report, Merck said it aims to save more than $3 billion in cost savings as part of a "multiyear optimization initiative." The restructuring program includes eliminating certain administrative, sales and research and development positions. Merck did not say how many people would be laid off, but said they aim to achieve the cost savings by 2027. To save money, the company plans to reduce office space and optimize its manufac…
Hershey, PA
On Your Side
Hershey Stocks Soar As Rumors Swirl About Possible Mondelez Buy Out
Mondelez International, the company behind brands like Oreo and Cadbury, is reportedly considering acquiring The Hershey Company, a move that could create one of the world's largest confectionery firms, according to multiple outlets and first reported by Bloomberg. Preliminary discussions have taken place, but there's no certainty that a deal will be finalized. This news led to a significant surge in Hershey's stock price, which rose approximately 13% to $199.52 on Monday, Benzinga reported. In contrast, Mondelez's shares experienced a decline of about 4%, Reuters explained. It's importa…
White Plains, NY
On Your Side
CVS To Lay Off Nearly 3K Workers
CVS announced it will lay off nearly 3,000 workers as part of a cost-cutting move aimed at saving $2 billion. These approximately 2,900 layoffs, primarily in corporate roles in the company's CVS Health division, represent less than 1 percent of the company's workforce, CVS said. "The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,” a CVS spokesperson told CNN. The move comes a day after CVS management met with major shareholder Glenview Capital to discuss the company’s deficits and its dipping stock price, according to CNBC. Founded in…
