Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The US-based pharmaceutical company Pfizer announced on 23 January 2007 its plans to cut a total of 760 jobs of its 5,200 jobs in Germany. 320 jobs will be cut in the German headquarter in Karlsruhe an another 440 jobs will be affected by the planned sale of the company's subsidiary Arzneimittelwerk Heumann PCS in Nuremberg. Other sites of Pfizer in Germany will not be affected by job cutting measures. Pfizer is reported to face substantial reductions in overall turnover and profits as a number of its products are to lose their patent protection in the forthcoming years. The company wants to save 5 billion USD in costs world-wide and is said to cut a total of 10,000 jobs.
Eurofound (2007), Pfizer, Internal restructuring in Germany, factsheet number 64836, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64836.