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Protest in Basel against Novartis job cuts.

M2 PHARMA-October 31, 2011-Protest in Basel against Novartis job cuts(C)2011 M2 COMMUNICATIONS

31 October 2011 - Approximately 1,000 people protested on Saturday in Basel against the planned job cuts at Swiss Novartis (VIX:NOVN) and other firms, Swiss trade union Unia said.

At the presentation of its third-quarter results, Novartis said that about 2,000 positions will be slashed mainly in Switzerland and the US, while 700 jobs will be created in low-cost and other countries. The drug manufacturer wants to reinvest resources into new scientific platforms for future growth.

Novartis plans to slash 760 jobs in Basel and 320 in Nyon. Next week employees in Nyon will try to apply pressure on the company's management by interrupting the working process, Unia's manager Corrado Pardini said. Protests are being considered for Basel as well.

The drug manufacturer recorded a year-on-year net profit growth of 7% to USD2.49bn (EUR1.78bn) for the third quarter of 2011. Revenue improved by 18% to USD14.8bn.

(USD1 = EUR0.714)

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Publication:M2 Pharma
Date:Oct 31, 2011
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