In announcing its acquisition of rival Wyeth--based on the other side of the Hudson River in Madison, NJ--Pfizer on Monday also provided details of a new cost-reduction initiative. As part of the initiative, Pfizer says it will reduce its global workforce by approximately 10%, or approximately 8,000 jobs. Reductions will span sales, manufacturing, research and development and administrative organizations, Pfizer states.
The company also intends to reduce the number of manufacturing sites from the current 46 to 41, as well as reduce its facilities square footage by approximately 15%, according to a release. During a news conference Monday at Pfizer's world headquarters, 235 E. 42nd St., Pfizer officials declined to identify where plant closings would occur, and a Pfizer spokesman did not respond to GlobeSt.com's requests for further comment.
It's too early to judge what the consolidation of the two companies means in terms of office space, CresaPartners' Robert Stella tells GlobeSt.com. "They're going to have some Wyeth people here" in Midtown, says Stella, EVP and principal with the tenant-rep firm. "How many is hard to say."
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
