Pfizer Will Eliminate 10,000 Jobs

By the end of 2008, Pfizer will eliminate 10,000 jobs (10% of its workforce) worldwide in order to reduce costs by $2 billion (Euro 1.5 billion). The company will close manufacturing facilities in Brooklyn, NY and Omaha, NE and put a plant in Feucht, Germany up for sale as well as close research locations in the US and possibly Japan and France. The company's fourth quarter earnings were down 15 percent. The savings from these measures will be funneled into Pfizer's drug discovery and development initiatives.

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