A demerger and two European Works Councils
The British pharmaceuticals laboratory GlaxoSmithKline (GSK) has announced the stock market flotation, in London, of its non-prescription medicines and consumer healthcare business, which will now be known as Haleon (7,000 employees).
Following the demerger, GSK (34,000 employees) will focus on prescription pharmaceuticals and vaccines, a market deemed to be more profitable than self-medication. Prior to this stock market flotation, which is due to take place this summer, on 10 September 2021, management signed two new EWC agreements to cover the two entities (GSK agreement and GSK Consumer Healthcare-Haleon agreement).
The two texts are very similar and differ mainly at the level of the EWC’s composition. They also cover the United Kingdom and Switzerland, and a number of countries with fewer than 100 employees (in the case of GSK) or 150 employees (in the case of Haleon), are clustered together.
(Article published in IR Note 182 of 23 March 2022)
