Pfizer (NYSE:PFE) layoffs are on the way for employees at its Groton, Connecticut. location as part of a wider cost-cutting effort at the pharmaceutical company.
Pfizer confirmed that jobs at the facility will be cut but didn’t say how many employees will be affected by the layoffs. What is known is that there are currently about 2,600 people employed at the site.
Here’s what a Pfizer spokesperson told CT Insider about the layoffs at Groton, Connecticut:
“Pfizer has launched an enterprise-wide cost realignment program. Various areas of Pfizer’s global enterprise are making changes to operate more efficiently and effectively […] These changes will be implemented on a rolling basis and will differ from area to area. Part of the effort will result in some job loss across a number of our locations, including Groton.”
More Pfizer Layoffs
Pfizer has been working hard to reduce costs with a series of job cuts that started in October. That has resulted in several locations closing down in the U.S., as well as some overseas facilities having their headcounts reduced. It’s possible that more layoffs will be announced by the company in the coming months.
With today’s news comes some 46 million shares of PFE stock changing hands. That’s already well above its daily average trading volume of around 29 million shares. The stock is also down 4.2% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
