Pfizer considers outsourcing 30% of manufacturing, mostly to Asia

[OhioChick]

Last update: 5:53 a.m. EST Nov. 30, 2007

PFE 23.76, +0.16, +0.7%) said Friday it is looking to outsource as much as 30% of its manufacturing, much of it to Asia.

Pfizer, based in New York City, now outsources about 15% of its manufacturing capabilities. The company aims to double that figure, as part of cost-cutting measures, it said at an investor presentation in Hong Kong, which was broadcast over the Internet.

Pfizer didn't give a timetable, or specific Asian countries it is targeting.

"For a lot of this work, it makes sense to outsource to lower cost areas, from New York or elsewhere in the U.S. to Asia," a company representative said during the presentation.

The outsourcing plans follow Pfizer's announcement at the beginning of the year that it would shut down manufacturing sites in Brooklyn, N.Y. and Omaha, Neb. and sell a third manufacturing site in Feucht, Germany. These cuts, along with the closure of several research sites, were part of a companywide plan to cut its worldwide workforce by 10%, or 10,000 jobs, and save US$2 billion.

http://www.marketwatch.com/news/story/pfizer-considers-outsourcing-30-manufacturing/story.aspx?guid=%7B9D249802-DE8C-4A91-BC7F-0693B93D2CBB%7D

[yourout]

1. Is there a single big corp that can be happy being moderatly profitable.....

with a consistant sustainable rate of growth instead of greed and growth at all costs.

This Sh*t has to stop or there will not be a middle class left in this country.

[Skittles]

4. that would be a big fat f***ing NO

greed is destroying America

[Initech]

6. Yup.

Greed is slowly over taking this entire country. It's a plague and it needs to be stopped.

[Skittles]

7. I see it everywhere

it's not just corporations - people in huge houses, driving huge SUVs - heck, you see it here on DU, the ME ME ME, WANT WANT WANT, SHOP SHOP SHOP syndrome. It absolutely sickens me.

[Initech]

10. I was reading a magazine at the doctor's office called "Orange Coast"

My god that magazine was sickening. It's basically "Here's what rich people in Orange County are blowing their money on this week!". It's filled with ads for custom homes, exotic luxury cars, private charters, custom pools, expensive clothing, fancy restaurants you name. :puke:

[kcass1954]

2. So, they'll be lowering prices on their drugs, right?

:sarcasm:

[Historic NY]

3. this country cannot allow foreign drug imports.............

thats what we were told about Canadian drugs, they were unsafe.

[acmavm]

5. No kidding. That thought shot through my mind like a bullet when I saw

the headline.

[sss1977]

8. For Pfizer outsourcings lasting longer than 4 hours...

Call your doctor.

[Demeter]

9. First They Pull the Plug on Michigan, Now the Entire Country?

Pathetic. And they call themselves Americans?

Time to roll out some big fat tarriffs, for those corporations that seek to avoid taxation at any cost. Let them lose the biggest market in the world!