Pfizer Ann Arbor Plant To Shut Down (2000 jobs)

[Bozita]

http://www.clickondetroit.com/index.html

Pfizer Ann Arbor Plant To Shut Down

Local 4 has learned Pfizer's Ann Arbor plant will be shut down. To learn more, WATCH THE LIVESTREAM at 1 p.m. of Pfizers analyst meeting where they will announce the cuts.

Here's a second source:

http://www.wxyz.com/

DEVELOPING STORY: Pfizer Closing Ann Arbor Facility
Drugmaker Pfizer has confirmed it will close its Ann Arbor research facility, where more than 2,000 people are employed, as part of a major restructuring. -- 12:42 p.m. Watch Pfizer announcement live at WXYZ.com at 1 p.m.

[haymark]

1. What?

I thought MI was the place to move to for your business, especially IT and medical. Ads all over tv in NY state

[SammyWinstonJack]

2. Didn't pfizer just report a 4th quarter profit of 9+billion? Greedy rat bastards!

[rocktivity]

6. I'll never forget when Mutual Of New York announced record profits and massive layoffs

on the same day. I hope their spokesperson was the first to go.

:headbang:
rocknation

[wakeme2008]

3. Outsourcing to India I would bet

:grr:

[denverbill]

5. We should pass a law preventing them from importing drugs from India to the US.

After all, it's 'unsafe' for Americans to buy drugs in Canada.

[entanglement]

9. It seems these 10000 jobs are being eliminated, not shipped out

The article says something about Pfizer having to cut costs to compete with generics. Seems odd, coming just on the heels of a multi-billion dollar profit in the last quarter. :eyes:

[rocktivity]

4. Neither this nor Pfizer's having to pull a drug out of testing

have anything to do with the fact I just started working there, SO STOP SAYING THAT!

:crazy:
rocknation

[Silence Dogood]

7. Lovely, how will my uncle John pay his mortgage?

He and my Aunt Sadie have been working for Pfizer for several years.
They relocated at their own expense for the promise of job security.
I'll have to call them tonight to see if they are affected by the job cuts.

[roamer65]

8. Great. My local economy takes another hit.

:-(

[Ignacio Upton]

13. Gee, and I thought Ann Arbor was a "stable" part of Michigan

Unlike Detroit or Flint or Pontiac. What's next...will University of Michigan outsource their professors?

[meganmonkey]

14. Even the Ann Arbor bubble

is popping. :(

[eppur_se_muova]

10. Pfizer cuts jobs as profits soar (BBC) {more details?}

Pfizer is to cut 10,000 jobs as the US drugs giant seeks to slash annual costs by up to $2bn (£1.01bn).

Pfizer said it planned to close three research sites and two factories in the US, as well as research sites in Japan and France.

The shake-up comes as the world's biggest drugs firm faces rising competition from generic drugmakers.

Pfizer earlier reported a sharp rise in full-year profits to $19.34bn (£9.8bn), from $8.9bn in 2005.

Healthcare deal

Pfizer said strong sales in the US of its cholesterol-lowering drug Lipitor and pain reliever Celebrex helped push revenues for the year up to $48.37bn, from $47.41bn in 2005.
***
more: http://news.bbc.co.uk/2/hi/business/6288031.stm

So ... profits are up $10.4 BILLION, and this necessitates cutting expenses by $2 billion ?????

[SoCalDem]

18. If they were LOSING $2B, would they HIRE 10k people?

Nope.. this is all about the "market", and the money in the pockets of the big shots.. and a sly way to inhibit generic meds at the same time..

want cheaper generics? then we'll sink the local economies as we slash jobs..neener neener

[barb162]

20. Cutting research? Oh that will make them profitable

NOT

[krispos42]

11. Hmmm... so let me get this straight

Big Pharma can only remain competitive if they keep making advanced, needed drugs.

They can only make these drugs if they keep doing research.

They claim they need the higher prices to pay for the reaseach, even though spend far more on advertising and administration than research.

So, if they're not doing at that uber-expensive research, then their long-term profitibility and business prospects go down the crapper, right?

So then shouldn't the stockholders sue the execs for deliberately acting against the interests of the company?

<sigh>

Here's a fucking clue, Big Pharma: stop paying your executives so damn much. You'd be surprised at the savings!

The CEO of Pfizer in 2004 made just under 17 million. His 'base' salary is 2.2 million.

[napi21]

12. I heard this report on CNN today. It seems the patent on Zocor &

several big name brand drugs have expired and generics are going to now take their place. I guess it's costing Pfizer BIG BUCKS! At least that's the reason CNN's financial lady said.

[OhioChick]

15. 10,000 Layoffs..

Drugmaker Pfizer to lay off 10,000
Closing plants in cost-cutting moves
Canadian Press
Published: Monday, January 22, 2007

NEW YORK -- Pfizer Inc. said Monday it will cut 10,000 jobs as the world’s largest drugmaker seeks to slash its annual costs by up to US$2 billion by 2008 amid fierce competition from generic drugs.

The company said it will close three research sites in Michigan and two plants in New York and Nebraska. It may also sell another manufacturing site in Germany and close research sites in Japan and France.

The latest cuts, which amount to 10 per cent of Pfizer’s worldwide workforce, come on top of a previously announced plan to cut costs by $4 billion a year by 2008.

It’s the second time in two years that Pfizer has announced a major cost reduction plan to combat the loss of about $14 billion in revenues this year due to expiring patents on key drugs. The company is at risk of losing 41 per cent of its sales to generic competition between 2010 and 2012, according to one analyst.

http://www.canada.com/edmontonjournal/news/business/story.html?id=6b9ecfe4-b648-4d26-b13f-e3068f370cbc

[NJCher]

16. outsourcing in big pharma

I had lunch yesterday with a friend who is a scientist at a major U.S. pharmaceutical. She says the chemists in the department are pretty sure the company is revving up to ship their jobs to China.

My friend has a Ph.D. from Yale. Now not even the Ivy League is safe.



Cher

[nealmhughes]

17. India would be better, at least an Indo-European language barrier not a Sino-Indo-European one...

Saints preserve us@!#$%&*!

[hogwyld]

19. How will we ever buy all of those Chinese product

If nobody here works anymore and can't afford it??? I feel this next depression is going to make the '30s look like the roaring '20s.

[bmbmd]

21. Pin this on Walmart

and generic lovastatin at four bucks a pop. Really knocks the stuffing out of Lipitor sales, I bet.

[mtnester]

22. OK, that answers the question I had on an overheard conversation 3 weeks ago

Now, I am not an eavesdropper, however, if you are going to sit on a bench outside in a busy shopping complex (Easton, Columbus, Ohio for those of you that may want to visualize),and the place is PACKED because it is warmer than heck here in Ohio this winter (cept for this week) and you are talking on a cell phone loud enough for everyone to hear, yeah, I cannot help but hear your side of the conversation.

A man was talking about this the weekend of New Years. Saturday the 30th specifically. Mentioned this plant, mentioned Pfizer, and this exact number of layoffs coming.

Another number mentioned was 200 at another location....Pfizer.

I was wondering if I was just hearing BS..now I know this guy actually had "the scoop". Answers my final lingering thought about that overheard conversation.

[noonwitch]

23. This is really bad for Michigan

Pfizer stated it had to do with patents running out on some of their drugs.

If Michigan could get a bill through allowing stem cell research, we could find someone else to build in Ann Arbor and hire some of those high-tech people who have just lost their jobs. Ann Arbor and East Lansing are both good places for medical research (University cities), as is metro Detroit, with Beaumont Hospital in Royal Oak and Wayne State's med school downtown.

[Deja Q]

24. A morning DJ host was whining in support of patents and against generic drugs

Tom Barnard (yes, him, of the kqrs morning show) was saying if patents didnt' expire and no generics made, this poor company wouldn't have to cut jobs... (GET REAL)

He's also in total support of Bush's health care initiative (whose side effect will effectively raise the level of taxable income on tens of millions' of Americans... that's not good, sorry.)

The same twit doubtlessly supports Microsoft, which is in the unique position of making generic versions of tools everybody else makes (e.g. media player enhancements, tabbed browsing, and dozens if not hundreds of others...)

Half the time he makes sense. The other half the time he's an empty shell of a shill. And he better not talk about Americans being spoiled and overfed...