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.
Pfizer, the US pharmaceuticals group, has announced that it plans to close its Poce-sur-Cisse research centre near Amboise in France. Following an earlier restructuring exercise, there are curently 110 staff members employed at the site. . Cuts at Pfizer France have been prompted by competition from generic drug manufacturers and a drop in sales.
According to management, 150 companies have been contacted in the course of a year with a view to finding a buyer, and three began negotiations, but the last of these is reported to have withdrawn at the beginning of this month. The number of employees at the laboratory is believed to have deterred potential bidders. Union representatives are demanding information regarding the content of negotiations, suspecting that the confidential nature of the talks may have indicated a lack of determination on the part of management to sell the laboratory.
Eurofound (2008), Pfizer France, Closure in France, factsheet number 66288, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66288.
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