STADA Arzneimittel AG (STAGn.DE) to Cut 800 Jobs Ahead of Schedule; Seeks Deals
5/30/2012 8:05:58 AM
German pharmaceutical company Stada Arzneimittel AG said Wednesday it expects to reach its target of cutting 800 full-time jobs this year, ahead of schedule, and is also looking to make acquisitions. Stada planned to carry out the job cuts throughout 2013 but will reach the target this year if it can sell two plants in Russia, Chief Executive Hartmut Retzlaff said at a shareholder meeting. The company prefers to sell the two unprofitable plants rather than close them. Retzlaff said he is looking for acquisitions as the pharmaceutical industry continues to become more concentrated. This process will continue, he said, and pointed to Watson Pharmaceutical Inc.'s recent acquisition of Actavis.