Australia’s largest pharmaceutical company could cut nearly 3000 jobs from its workforce as it looks to reduce its head count across a number of businesses.
The biggest shake up of the business in decades will see nearly 15 per cent of the global workforce reduced in a move aimed at “simplifying the business.”
Currently CSL employs about 30,000 staff globally.
The pharamaceutical giant said in its annual report that total cost cutting measures will save around $550m annually over the next three years.
CSL also used its latest market announcement to tell shareholders it was looking to demerge its influenza prevention vaccines-focused unit known as Seqirus into a separate ASX listed business in 2026.
Gordon Naylor, a former president of CSL Seqirus, will run the new business.
It will also combine the commerical and medical operations of its core blood plasma and iron deficiency businesses into one unit.
The remaining CSL group will continue to have posoitions in multiple rare and serious diseases.
The demerger will be subject to third party consents, regulatory approvals and CSL will conduct a voluntary shareholder vote.
CSL chief executive officer Paul McKenzie said the business recognises a dynamic global backdrop, competitive pressure and organisation complexity have challenged CSL and hindered its ability to deliver superior returns.
“CSL Seqirus continued to show the resilience of its differentiated portfolio and platforms by
generating growth in a challenging environment,” he said.
“The majority of avian flu contracts globally were awarded to CSL Seqirus, which was strong recognition of our best-in-class, differentiated platforms.”
CSL shares slumped 8 per cent on the market opening down to $271.32.
https://thewest.com.au/business/csl-set-to-slash-3000-jobs-in-major-restructure-c-19729898
