Pfizer to initiate eight manufacturing plant closures, and other cutbacks, in USA and Europe, with 6,000 job losses

In a further move to create savings from its $68 billion acquisition of Wyeth last year, and anticipating the loss of patent protection net year on its best-ever selling drug (the cholesterol lowerer Lipitor; atorvastatin) the world's largest drugmaker, Pfizer, has announced plans to reconfigure its worldwide plant network to create a fully aligned manufacturing and supply organization from the combined networks of the two firms, which will result in job losses of around 6,000 over the next few years. Last month, Pfizer said it would cut 20,000 jobs as part of the Wyeth integration.

This implementation of the first phase of Pfizer's previously-announced Plant Network Strategy includes recommendations to cease operations at eight manufacturing sites in Ireland, Puerto Rico and the USA by the end of 2015, as well as to reduce operations at six other plants in Germany, Ireland, Puerto Rico, the UK and the USA.

The announcement did nothing to boost Pfizer's share price, which fell 1.9% to $15.81 by close of trading yesterday ' its lowest level since August 14 last year ' and underperforming a 1.1% dip in the Dow Jones, which saw a move into defensive stocks, which includes the pharmaceutical sector.