Tuesday, May 18, 2010

Pfizer restructuring includes closure of Richmond plant.

In a May 18 press release Pfizer announced plans to cease production of consumer healthcare products at its plants in Richmond, Va., and Pearl River in the United States. Richmond’s Eastern Henrico plant will close and lose 550 jobs.

The planned reductions will increase manufacturing efficiency and lower costs by more effectively using resources and technology, improving plant processes, eliminating excess capacity, and better aligning production with market demand. These changes will result in a global reduction of approximately 6,000 jobs over the next several years. Product transfers will expand the roles of a number of plants in Pfizer’s manufacturing network.

“Nevertheless, today’s announcement is very difficult to make because of its impact on our colleagues,” said Pfizer Global Manufacturing President Nat Ricciardi. He added that they must continue to adjust to the fast-changing and extremely competitive environment in which we operate.

Pfizer publicly traded on the NYSE (PFE) stands at intraday share price of $16.00 for May 18 trading day.

Posted By Valerie Garner

Categories: Business, Finance

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