Pfizer (PFE) Cutting 6,000 Jobs in Effort to Curtail Manufacturing Capacity
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Pfizer Inc. (NYSE: PFE) announced today that it plans to cut 6,000 jobs in its continuing effort to trim worldwide manufacturing capacity for its heath care products since the company acquired rival Wyeth last year.
The world’s largest drug maker said that over the next several years it also plans to eliminate operations at eight plants in the U.S., Ireland and Puerto Rico, while also reducing operations at six other plants across the globe.
Currently the company employs 116,000 workers and operates 78 plants worldwide. Pfizer said in April that it planned to cut 20,000 jobs as a part of the integration of Wyeth, which was purchased for $68 billion in October 2009.
"The restructuring of our global plant network is critical to our efforts to remain competitive so that we can continue to meet patient needs and expand the access and affordability of our medicines," said Pfizer global manufacturing president Nat Ricciardi, in a statement. “That means realigning our network and reducing our manufacturing capacity so that we can position Pfizer for the next phase of growth across biopharmaceuticals and our diversified business portfolio."
Pfizer said that the timing of specific job cuts and plant closings will be dependent on the complexity of operations and the time required for product transfers, among other business requirements.
The company also added that it will be evaluating options for its animal health manufacturing locations, and a clearer position on the issue should be available by the end of June.
Shares of Pfizer have fallen 13 cents to $15.96 today.
The world’s largest drug maker said that over the next several years it also plans to eliminate operations at eight plants in the U.S., Ireland and Puerto Rico, while also reducing operations at six other plants across the globe.
Currently the company employs 116,000 workers and operates 78 plants worldwide. Pfizer said in April that it planned to cut 20,000 jobs as a part of the integration of Wyeth, which was purchased for $68 billion in October 2009.
"The restructuring of our global plant network is critical to our efforts to remain competitive so that we can continue to meet patient needs and expand the access and affordability of our medicines," said Pfizer global manufacturing president Nat Ricciardi, in a statement. “That means realigning our network and reducing our manufacturing capacity so that we can position Pfizer for the next phase of growth across biopharmaceuticals and our diversified business portfolio."
Pfizer said that the timing of specific job cuts and plant closings will be dependent on the complexity of operations and the time required for product transfers, among other business requirements.
The company also added that it will be evaluating options for its animal health manufacturing locations, and a clearer position on the issue should be available by the end of June.
Shares of Pfizer have fallen 13 cents to $15.96 today.
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