Monday, February 12, 2007

Pfizer says to cut jobs and production in Ireland

more on the Pfizer situation...

DUBLIN, Feb 7 (Reuters) - Pfizer Inc. (PFE.N: Quote, Profile , Research) said on Thursday it planned to end or reduce manufacturing at three sites in southern Ireland, resulting in the loss of at least 65 jobs.

The U.S. drugs maker, which last month said it would cut 7,800 jobs in a bid to save $1 billion by the end of 2008, said the move was part of a plan to reduce Pfizer's global plant network by more than 50 percent over four years.

Failure to get potential new drugs onto the market, new technology, moving operations to countries where production is cheaper and lower sales due to higher competition had all contributed to the decision to cut capacity in Ireland.

The company's decision last December to end trials of its cholesterol drug, torcetrapib, due to safety concerns had been "by far the most significant factor impacting future capacity demand in Ireland," Terry Lambe, Pfizer's vice president of manufacturing for Ireland and Singapore, said in a statement.

Pfizer said it planned to close part of its Ringaskiddy site in County Cork by the end of 2007, resulting in the likely loss of 65 jobs.

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