HMR unions and staff act on job cut threat

23 February 1998 00:00  [Source: ICB]

R&D staff at Hoechst Marion Roussel (HMR) have started Monday demonstrations at the group's corporate centre in Frankfurt, Germany, to protest at plans to cut costs and 600 jobs. In the meantime, unions representing HMR employees started talks with the Hoechst holding group about a compromise agreement to preserve jobs.

There was further disruption at HMR when the company's forthcoming results were leaked, according to sources, as a move to discredit management. The unadjusted figures published in the German business magazine Capital suggest that operating profit of the Hoechst group declined 19% in 1997, propelled by a 28% decline at HMR. Pre-tax profit is said to have dropped 40% to DM3.1bn ($1.7bn), net income by the same margin to DM1.7bn. While Hoechst declined to comment, chairman J&uumlrgen Dormann said in an interview that figures which the group will present on 12 March are 'not bad.' HMR is set to report on 11 March.

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