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Bristol-Myers Squibb

This article was originally published in The Gray Sheet

Executive Summary

Reducing worldwide work force by "approximately 5,000" employees "during the next two years," the company announced Jan. 4. The reductions include 1,500 employees who accepted an early retirement program for U.S. employees announced in September ("The Gray Sheet" Sept. 27, In Brief). The bulk of the cuts (3,000 of the 5,000) are coming from the firm's pharmaceuticals group, which is being reorganized. The remaining 2,000 cuts, including approximately 800 early retirements, will affect the firm's three other businesses -- medical devices, nutritionals and consumer products -- as well as headquarters staff. The RIF/restructuring is expected to be covered by an $890 mil. charge BMS took in the fourth quarter of 1992 for the early retirement program and a 2,200 RIF announced in October 1992
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