Pfizer, the world's largest drugmaker today said that it would shut down eight manufacturing plants, reduce operations at six other plants globally and shed 6,000 jobs as part of restructuring following its $68-billion merger with Wyeth in 2009. (See: Pfizer-Wyeth create $68-billion blockbuster deal)
New York City-based Pfizer, with 2009 revenues of $50 billion, said it plans to reconfigure its worldwide plant network to create a fully aligned manufacturing and supply organisation from the combined networks of Pfizer and Wyeth.
In the first phase of Pfizer's previously announced 'plant network strategy' eight manufacturing sites in Ireland, Puerto Rico, and the US by the end of 2015 will cease operations, six other plants in Germany, Ireland, Puerto Rico, the UK and the US will reduce operations.
These 14 plants that will cease operations or reduce operations are the sites that make prescription drugs for the company.
These changes will result in a global reduction of approximately 6,000 jobs over the next several years.
The drugmaker said that the planned reductions will increase manufacturing efficiency and lower costs by more effectively using resources and technology, improving plant processes, eliminating excess capacity, and better aligning production with market demand.