Pfizer has taken another major step as part of its massive restructuring plan by cutting 300 jobs, or more than a third of the workforce, from one of its facilities in Lincoln, Nebraska, USA.
The plant specialises in animal health but the move is in line with Pfizer’s plan to streamline operations globally. In particular, the New York-based behemoth is hoping to restructure its operations to the extent that it will yield $4 billion in cost savings on an annual basis by 2008.
The plan was originally announced in April [[06/04/05a]] and vice chairman David Shedlarz recently predicted that savings from the new initiative will be in the region of $400 million. The company says it is determined to reduce costs in ‘support services,’ which ranges from cutting back on travel and entertainment to energy conservation schemes and renegotiated service contracts.
Pfizer has already divested various facilities, including Augusta, Georgia, French operations at Angers and Val-de-Reuil, Morpeth in the UK and Stockholm, Sweden. In addition, plants in Arecibo, Caguas, and Cruce Davila (Puerto Rico) and the UK’s Sandwich facility are being restructured and the firm is looking to reduce the number of plants in its global network by more than 25%.