Pfizer Announces Major Changes
Well it was inevitable with the number of mergers Pfizer has gone through in the last few years that major changes were going to occur.
This ariclefrom PR Newswire is basically a PR release that attempts to paint the picture in the brightest possible terms. Bloomberg on the other hand had a different sort of title for its coverage.
Pfizer to Cut Up to $1 Billion in Costs, Fire 10,000
This means Pfizer will be laying off 10% of its workforce worldwide! This is in additional to the announced lay-offs of their sales force announced late last year. They are also closing plants in Brooklyn, NY; Omaha, NE, research operations in Ann Arbor and Kalamzoo, MI and in Nagoya Japan and Ambroise, France. THis will bring the number of plants from 93 in 2003 to only 48 by 2008 or almost 50% decrease in the number of plants.
It is sad to me to see loyal employees looked at as an expense rather than an asset. And then to add insult to injury, many times, CEO’s get paid exorbitant bonuses for getting rid of employees aka cutting costs.
I truly wish those at Pfizer who will soon be looking for another job the best.
Technorati Tags: down-sizing, Pfizer, pharma sales force, pharmaceutical companies, layoffs
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