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.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations
8,200 jobs Number of planned job losses
Announcement Date
25 January 2009
Employment effect (start)
28 February 2009
Foreseen end date
31 December 2009
Description
Pfizer and Wyeth have announced a merger agreement under which Pfizer will acquire Wyeth in a cash-and-stock transaction. With this merger, Pfizer will close five plants, with the loss of around 8,200 jobs (10% of the total workforce). Pfizer has around 81,900 employees worldwide, while Wyeth has around 47,500 employees. The combined company will create the world's premier biopharmaceutical company with a broad range of therapeutic solutions for many health challenges and preventive care.
Sources
26 January 2009: Il Diario del lavoro
Citation
Eurofound (2009), Pfizer, Merger/Acquisition in World, factsheet number 67974, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67974.
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