B-MS to cut 10% of workforce in a bid to save $1.5B in time for loss of Plavix patent
US drug major Bristol-Myers Squibb plans to cut a tenth of its workforce, close half of its manufacturing facilities and sell some of its non-core businesses in a bid to achieve savings of $1.5 billion by 2010.
The widely anticipated down-sizing will see the firm lay off 4,800 of the 44,000 staff it employs worldwide and lose more than half of its 27 factories. The New York-headquartered drugmaker also plans to sell its medical imaging business and is currently reviewing a range of strategic alternatives for its ConvaTec and Mead Johnson divisions.
"We remain fully aware of the important contributions these businesses have made to earnings and cash flow, and we will take these factors into full consideration when weighing our strategic options," said James Cornelius, chief executive of the firm.
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