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.
Professional Services Scientific, Architectural And Engineering Technical Activities Scientific Research And Development 72.11 - Research and experimental development on biotechnology
120 jobs Number of planned job losses
Announcement Date
3 December 2015
Employment effect (start)
Foreseen end date
Description
US owned pharmaceutical company Pfizer has announced plans to close its operations in Cambridge with the loss of 120 jobs. The decision is seen as unexpected though is reported to be the result of a decision to cut back on research and development for pain relieving drugs. Due to the numbers of jobs affected Pfizer has started the compulsory consultation process with employee representatives. The final decision will follow the consultation period; there is currently no information on the planned timescale for the closure.
Sources
3 December 2015: The Telegraph
Citation
Eurofound (2015), Pfizer, Closure in United Kingdom, factsheet number 86054, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86054.
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