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-owned pharmaceutical multinational Pfizer has announced the closure of one of its manufacturing plants in Cork, which will result in 136 redundancies. It is understood that the plant will close by the end of 2014. The company attributes the closure to the need to coordinate its manufacturing capacity globally, and has pointed out that many of their drugs are coming off patent.
Update 11-7-2014: Pfizer has announced that of the 136 redundancies announced in 2013, only 30 jobs have been cut. According to the source, this is due to a change in work practices and an increase in Pfizer’s workload. The source notes that the company has secured a €22 million investment for its Cork laboratory. Additionally, negotiations between the company and the trade unions SIPTU and TEEU has resulted in a nine-point change agreement plan. This agreement will ensure that most of the jobs remain at the Ringaskiddy plant. According to the source, it was decided to close the smaller Little Island plant.
Eurofound (2013), Pfizer, Internal restructuring in Ireland, factsheet number 75557, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75557.
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