Pfizer Opts for Major Surgery, Slashing Facilities and Staff

Pfizer has announced sweeping plans to cut costs by reducing the number of its research and manufacturing sites, streamlining its organizational structure, reducing staff, increasing outsourcing, and reducing procurement costs. The program involves about 10,000 job cuts by the end of 2008 and aims to slash annualized costs by $1.5 billion-$2 billion by the same date. The 10,000 staff cuts are equivalent to about 10% of Pfizer’s workforce, the company says. Pfizer will close manufacturing plants at Brooklyn, NY and Omaha, NE, and will seek to sell its...

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