KENILWORTH, N.J., Jan. 14 /PRNewswire-FirstCall/ -- Schering-Plough Corporation announced the sale of its Madison, N.J. office building to Reckson Associates Realty Corp. effective today. Schering-Plough said the Madison sale represents a further step in the company's New Jersey real estate strategy as outlined on May 26, 2004, when it announced plans to develop its 88-acre site in Summit, N.J.
"As we move forward with our actions to build the New Schering-Plough, we are assessing all of our facility investments on a global basis," said Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation. "As we begin the anticipated turnaround of the company this year, we are determined to be efficient in our use of space and other resources."
Headquartered in Kenilworth, Schering-Plough has more than 7,000 employees statewide. Other facilities in New Jersey include Berkeley Heights, Branchburg, Cranford, Lafayette, Summit and Union.
Schering-Plough is a global science-based health care company with leading prescription, consumer and animal health products. Through internal research and collaborations with partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies to meet important medical needs. Schering-Plough's vision is to earn the trust of the physicians, patients and customers served by its more than 30,000 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com/.
CONTACT: Media - Rosemarie Yancosek, +1-908-298-7476, or Investors -Alex Kelly, +1-908-298-7450, or Janet M. Barth, +1-908-298-7417, all forSchering-Plough Corporation