Pfizer to cut 6,000 jobs, close eight units

The world's largest drug maker Pfizer today said it will cut 6,000 jobs in Europe and North America, and close eight manufacturing plants by 2015.

The company said that as part of a plant network strategy, it has decided to close manufacturing operations in eight locations across Puerto Rico, Ireland and the United States over the next five years.

"This implementation of the first phase of Pfizer's previously-announced plant network strategy includes recommendations to cease operations at eight manufacturing sites in Ireland, Puerto Rico, and the United States by the end of 2015...," Pfizer said in a statement.

The company's website stated that the plant network strategy, announced in 2008, aimed at gradually reducing the number of facilities to 41 by 2010.

Besides, the company plans to reduce production at six other plants in Germany, Ireland, Puerto Rico, United Kingdom and the United States.

"Restructuring of our global plant network is critical to our efforts to remain competitive..." Pfizer Global Manufacturing President Nat Ricciardi said.

Pfizer said this would increase manufacturing efficiency and help reduce costs. "These changes will result in a global reduction of approximately 6,000 jobs over the next several years," the statement said.

The company said that over the five years, it plans to discontinue manufacturing operations at three solid-dose sites at Caguas in Puerto Rico, Loughbeg in Ireland and Rouses Point in the US.

Besides this, it plans to phase out manufacturing facilities at Carolina, Dublin, Shanbally, Richmond and Pearl River. The company also plans to reduce operations at Guayama, Newbridge, Andover, Sanford, Havant and Lllertissen.

The company said that the timing of specific exits would depend upon the complexity of operations, the amount of time required for product transfers and other business requirements. The announcement is the culmination of an intense half-year evaluation of sites, it added.

Pfizer reported revenue of $16.8 billion for the first quarter of 2010.