Info about the post-merger Pfizer is starting to trickle out. The company closed its $68 billion Wyeth buyout yesterday, and newspapers worldwide buzzed with news--and rumors, not to mention fears--about which facilities will survive the combination. "Pfizer is now in the process of finalizing the decisions related to talent and site matters and will work quickly to effectively implement those decisions," the company said in a statement. Not much for uncertain workers to go on.
New Jersey celebrated the news that Wyeth's headquarters in Madison would stay open; about 900 people are employed there. A Pfizer facility in Bridgewater, however, will shut down by the middle of 2010. The IT functions performed there by 100 workers will be consolidated with similar Wyeth operations; no word, however, on what happens to those 100 jobs. Some 300 people work in Bridgewater, total.
In Pennsylvania, the news was mixed as well. Wyeth's operations in Great Valley will close next year, but a facility in Collegeville--where 3,600 people work--will stay open. That doesn't mean, however, that all 3,600 will keep their jobs. A number of operations will be consolidated into the main Collegeville facility, which will be the "leadership center" for its specialty business unit. Pfizer didn't offer specifics on jobs: "[W]e are maintaining a significant presence in Pennsylvania," was all a spokesman would tell the Philadelphia Inquirer.
Pfizer-ites in far-flung locations such as Australia and Ireland await their fates as well. Executives in Australia said employees would be notified by Christmas. News operations there noted dual headquarters in Sydney as well as separate drug manufacturing plants. There are overlaps all over the world. We'll have to wait and see what happens to them.
- check out Pfizer's news release
- see the story in the Daily Record
- get more from the Inquirer
- read the AAP News article
ALSO: Moody's Investors Service and Fitch Ratings both cut their ratings on Pfizer, citing the company's higher leverage resulting from its acquisition of U.S. rival Wyeth. Report