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.
On 20 September, French subsidiary of US pharma Pfizer (1,453 employees) announced to cut 373 positions, mainly pharmaceutical sales representatives who supply both general practitioners and the specialized doctors working in hospitals.
At the same time, the company intends to create 95 jobs. Unions estimate a workforce reduction of around 748 (half of the total workforce): 373 job cuts and 375 changes in working conditions that could be refused by the affected employees (in case of refusals they could face dismissal).
In 2009, Pfizer had already cut 700 jobs. The company fears the consequences of the loss of patent on its blockbuster Lipitor. The company also decided to cut 40% of its workforce in Belgium, 50% in Germany and in Iceland, and more than 50% in Italy.
Eurofound (2011), Pfizer, Internal restructuring in France, factsheet number 72386, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72386.
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