Animal health leader Zoetis ($ZTS) has said that its massive cost-cutting plans will include whacking 10 unnamed manufacturing sites. But this week its manufacturing unit was taking solace in the expansion of one of its largest facilities.
The company said Monday that a 19,000-square-foot, three-story expansion at its manufacturing facility in Lincoln, NE, was done. The added capacity will allow the plant to manufacture 1,200 finished products for more than 100 markets globally.
"Zoetis is excited to expand its footprint in Lincoln..." Betty Mason, site leader in Lincoln, said in a statement.
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| Bill Ackman |
Pressured by activist investor Bill Ackman to cut costs, Zoetis in May announced plans to shed about 25% of its workforce, which will be about 2,500 jobs. It says that will allow it to realize about $300 million in annual savings by 2017.
Manufacturing, in particular, is being hit hard, with the company announcing it intends to sell or close 10 of the 27 plants it has around the world. It has 13 plants in the U.S. As part of the move, the company has said it will reduce the number of products it sells by about 5,000.
- here's the release