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.
US pharma heavyweight Pfizer has announced fresh cutbacks in its subsidiary in France, following a 10% drop in revenue over the past year.
Although Pfizer itself has officially announced that 700 lay-offs will be made before 2010, union representatives have claimed that the figure is closer to 900.
The company reported that the reduction in the workforce was due to the growing pressure on healthcare costs, the rising costs in developing drugs and the weaker output from its research and development investments due to stringent regulations. The bulk of the redundancies will be made in Pfizer's marketing department, with sales representatives thought to be particularly at risk. At the same time, Pfizer France will be restructured into five new business units.
Eurofound (2008), Pfizer France, Internal restructuring in France, factsheet number 67591, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67591.