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 US pharmaceuticals company Pfizer announced on 18 May 2010 that it intended to cut 6000 jobs worldwide and either sell or close a total of eight factories around the world, by the end of 2015. It has not yet announced further details, but it is thought that the plant closures are likely to be in the US, Puerto Rico and Ireland (at sites in Dublin, Loughbeg and Shanbally). Furthermore, it is expected that a site in Havant, Hampshire, UK, will be reduced. The company expects 785 jobs to be lost in Ireland and 90 in the UK. It is also expected that jobs will be lost at the company's plant at Illertissen, Bavaria, Germany, although the precise details are not yet known.
This move follows a merger with Wyeth last year and the resulting need for streamlining and to eliminate excess capacity to adjust to tough competition in the prescription medicines industry.
Eurofound (2010), Pfizer, Merger/Acquisition in World, factsheet number 70567, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70567.
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