France's Sanofi to cut 1,700 European jobs

Pharmaceutical giant Sanofi said Friday that it would eliminate 1,700 European jobs, including 1,000 in France, as part of a cost-cutting drive announced last December. 

The move comes just days after the company announced it would invest 490 million euros (550 million U.S. dollars) into building a new vaccine production site in France that would create 200 jobs, during a factory visit alongside President Emmanuel Macron.