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Recent company layoffs - Schering-Plough

Schering-Plough Corp. Announced: March 9 Number of layoffs: 16,000 jobs Reason for the cuts: Merck & Co. is buying Schering-Plough Corp. for $41.1 billion in a deal that gives Merck key new businesses, access to a promising pipeline of new products and the chance to cut costs by $3.5 billion more per year, including eliminating about 16,000 jobs. Merck hopes the cash-and-stock deal helps it better compete in a drug industry facing slumping sales, tough generic competition and intense pricing pressures.Daniel Hulshizer / Associated Press