Newspaper article The Record (Bergen County, NJ)

Express Scripts Layoffs

Newspaper article The Record (Bergen County, NJ)

Express Scripts Layoffs

Article excerpt

FRANKLIN LAKES -- Express Scripts Holding has some good news for Wall Street next month: The company that manages pharmacy benefit programs for employers, unions and government health plans is making the cuts it promised will result in $1 billion in cost savings after its acquisition of Medco Health Solutions.

Express Scripts, which reports second-quarter earnings on Aug. 7, laid off 258 employees throughout New Jersey on Thursday, including 244 in Bergen County, the company said. Shedding those jobs represents about a 12 percent reduction in Express Scripts' workforce in Bergen County, one of the largest single layoff announcements in the county this year.

Most of the layoffs, 216 people, were at Medco's campus in Franklin Lakes, which was the company's headquarters before the acquisition, according to an Express Scripts spokesman, Brian Henry. Another 28 were let go at two former Medco facilities -- 17 in Montvale and 11 in Fair Lawn, he added. Express Scripts also idled 14 people at its Willingboro location, Henry said.

The majority of the laid-off workers were informed on Thursday, and the layoffs were effective immediately, according to Henry. The employees affected were primarily doing business-support functions, he added.

"We continually assess our operational needs to ensure we are as efficient as possible, while meeting the needs of the clients and patients we serve," St. Louis-based Express Scripts said in a prepared statement. "As an organization, we position ourselves for future growth."

Express Scripts had 4,000 employees in New Jersey, with about 2,000 in Bergen, making it one of the county's largest employers. There have been some job cuts since the $29.1 billion takeover was completed in April, but Express Scripts has declined to say how many employees were involved. When the purchase was announced, Express Scripts said the acquisition would result in $1 billion in one-time savings. …

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