Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The American pharmaceutical multinational Pfizer is to cut 300 jobs in Ireland and the United States. More specifically, Pfizer has dismissed 100 employees at its manufacturing plant in Newbridge, Kildare, Ireland. This is followed by 200 recent layoffs in Michigan in the USA.
The job losses are part of the company’s global cost cutting and restructuring process which is being carried out against the background of a drop in demand for Covid-19 vaccines and treatments. Pfizer’s Paxlovid anti-viral treatment is manufactured into tablets at the Newbridge plant.
Pfizer currently employs approximately 83,000 people wordlwide, and 5,000 in Ireland across a number of sites and locations. 1,200 employees work at the Newbridge site. The restructuring in Ireland has been recorded in the ERM events database Pfizer-2023-IE.
Eurofound (2023), Pfizer, Internal restructuring in World, factsheet number 200536, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200536.