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.
Pfizer France, the French subsidiary of US pharmaceutical company Pfizer Inc, announced on 23 January 2007 to the works council that 504 jobs will be cut in France between February 2007 and December 2008.
The redundancies will affect medical representatives, the company's headquarters in Paris and a research laboratory in Amboise, which is to be closed down. The decision is part of the company's plans to cut 10,000 jobs worldwide, or about 10% of its workforce, by the end of 2008. The company's works council complained in a press release that Pfizer employees are losing their jobs for the sake of profits in a sector that is no longer taking on new staff and employees have reacted angrily to the company's restructuring plan. Despite competition from generic drug manufacturers over key medications, Pfizer's results remain extremely strong, with a profit of 15 billion USD, excluding extraordinary items being recorded in 2006. Pfizer France announced on 9 May 2007 that after discussions with the trade unions it will finally cut 397 jobs in France instead of the 504 initially announced.
Eurofound (2007), Pfizer France, Internal restructuring in France, factsheet number 64819, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64819.
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