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Pfizer cutting back on manufacturing operations (AP)
Pfizer Inc. said Tuesday it will phase out its manufacturing operations in Groton, Conn., by the end of 2008, eliminating about 300 jobs. The 50-acre site is also home to the Manhattan-based drugmaker's growing research and development operations. The Groton and New London campuses in Connecticut are Pfizer's largest research sites, employing nearly 6,000 people.
The move is part of Pfizer’s restructuring announced last year. The firm has a global work force of 106,000 and said it expects to save $4 billion by 2008 with all of the changes.
Pfizer said it will begin cutting its manufacturing operation next year and could use the site to expand research and development.
"R&D has grown significantly in Connecticut for more than a decade," said Toni Hoover, site director of Pfizer's Groton/New London laboratories. "The Groton R&D site is at capacity and the manufacturing change announced today provides space for potential expansion."
The Groton complex makes active ingredients for a number of pharmaceuticals and animal-health products and the company expects to transfer those jobs to other plants.
Pfizer officials said workers affected by the closure will be offered severance, job placement assistance and other benefits. They can also apply for other openings in Groton and New London and at other Pfizer locations.
©Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Pfizer cutting back on manufacturing operations (AP)
Pfizer Inc. said Tuesday it will phase out its manufacturing operations in Groton, Conn., by the end of 2008, eliminating about 300 jobs. The 50-acre site is also home to the Manhattan-based drugmaker's growing research and development operations. The Groton and New London campuses in Connecticut are Pfizer's largest research sites, employing nearly 6,000 people.
The move is part of Pfizer’s restructuring announced last year. The firm has a global work force of 106,000 and said it expects to save $4 billion by 2008 with all of the changes.
Pfizer said it will begin cutting its manufacturing operation next year and could use the site to expand research and development.
"R&D has grown significantly in Connecticut for more than a decade," said Toni Hoover, site director of Pfizer's Groton/New London laboratories. "The Groton R&D site is at capacity and the manufacturing change announced today provides space for potential expansion."
The Groton complex makes active ingredients for a number of pharmaceuticals and animal-health products and the company expects to transfer those jobs to other plants.
Pfizer officials said workers affected by the closure will be offered severance, job placement assistance and other benefits. They can also apply for other openings in Groton and New London and at other Pfizer locations.
©Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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