Company news: Merck

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Merck plans to cut about 15% of its total workforce while shuttering eight manufacturing plants and eight research facilities. The cuts follow the company's 2009 acquisition of Schering-Plough. Merck said it was standing by a previously announced cost-savings target of $3.5 billion in 2012, and expects the cuts announced today and previously to add up to savings of $2.7 billion to $3.1 billion.

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