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.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations
10,000 jobs Number of planned job losses
Announcement Date
23 January 2007
Employment effect (start)
24 January 2007
Foreseen end date
31 December 2008
Description
The US-based pharmaceutical company Pfizer announced on 23 January 2007 its plans to cut 10,000 jobs, which is about 10% of its world-wide workforce. The company is reported to face substantial reductions in overall turnover and profits as a number of its products are to lose their patent protection in the forthcoming years. The company wants to save 5 billion USD in costs by its job-cutting measures.
Sources
24 January 2007: Financial Times Deutschland
Citation
Eurofound (2007), Pfizer, Internal restructuring in World, factsheet number 64835, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64835.
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