LayoffBlog.com

January 26, 2009

Pfizer to lay off tens of thousands

Filed under: Healthcare,pharmaceuticals,US — 7macaw @ 12:11 pm
Tags: , ,

Pfizer announced Monday that it has signed a deal to acquire the smaller drugmaker Wyeth for $68 billion, and tens of thousands of job cuts will follow.

Pfizer spokesman Ray Kerins said that two waves of job cuts would occur in 2009. In the first, Pfizer said it would cut 10% of its 81,900 staff – about 8,000 jobs.

Kerins said that Pfizer will launch the second round of job cuts once its merger with Wyeth and its 50,000 workers is completed in the third or fourth quarter. At that time, Kerins said Pfizer will cut 15% of the combined company’s 120,000 or so workers – about 18,000 more job cuts.

Source: CNN Money

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