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.
Pharmaceutical firm, Pfizer, has announced that it would make 65 workers in Ringaskiddy redundant by the end of the year. The group also wants to sell off part of its plant at Loughbeg, also in Cork, which employs 300 people, and part of its Little Island plant, also in Cork, where 180 people are employed. Hopes of saving the 480 jobs at these two other plants in the Cork area depend on being able to sell them as going concerns in the next year or two. Government sources have been quoted as saying that the two Pfizer plants, at Loughbeg and Little Island, would be suited to generics manufacturers. Pfizer has closed 50% of its manufacturing plants worldwide since 2003, in a Plant Network Review aimed at rationalising its operations and avoiding duplication, following a series of mergers and takeovers.
Eurofound (2007), Pfizer, Internal restructuring in Ireland, factsheet number 65057, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65057.