Tuesday, February 01, 2011

Pfizer to lay off 1,100 in Connecticut

GROTON, Conn., Feb. 1 (UPI) -- U.S. pharmaceutical giant Pfizer said Tuesday it would lay off 1,100 workers from its Groton, Conn., campus as part of a cost-cutting program.

The New London, Conn., newspaper The Day reported the move was part of a plan to trim $2 billion from the company's research and development budget in 2011.

The layoffs were scheduled to take 18 months to complete, the newspaper said..

Company spokeswoman Kirsten Neese said, "Groton will remain the largest of our R&D sites and will be the center of excellence for R&D services."

The newspaper said the Groton facility would become more of a support center for the company's research and development than a site where new drugs are created.

But Tom Sheridan, president of the Chamber of Commerce of Eastern Connecticut said the company's focus was on developing "more targeted medications."

Posted via email from Jack's posterous

No comments: