Pfizer’s $3.5B cost-cutting strategy hits Peapack site in New Jersey

After news emerged regarding Pfizer’s plans to close sites in North Carolina, the company is adding New Jersey to the list. The company expects its Peapack facility to cease operations in early 2024. 

A Worker Adjustment and Retraining Notification(WARN) Notice notes that 791 workers could potentially be cut from its Somerset County corporate office. The company hasn’t released an official tally, and notes that the “vast majority” of workers at the New Jersey site to be re-assigned to the company’s New York headquarters with another portion transitioning to the company’s site in Parsippany. 

Peapack closure part of Pfizer’s $3.5 billion cost-savings plan

To respond to weak demand for its COVID-19 therapies, Pfizer has announced a $3.5 billion cost-cutting drive, aiming to save at least that figure by the end of 2024. It will incur a one-time cost of $3 billion in the process.

The 595,000 Peapack site is situated on 130-acres in the Borough o…

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Pfizer to close Durham and Morrisville, North Carolina facilities amid major restructuring effort

In a strategic initiative to streamline operations, Pfizer said it would close facilities in Durham and Morrisville, North Carolina. The company aims to cut at least $3.5 billion in costs. 

The company now employs more than 80,000 people worldwide, with roughly 4,000 based in North Carolina.

The closures will not affect Pfizer’s two largest facilities in North Carolina — Sanford and Rocky Mount. The Rocky Mount facility, which specializes in producing injectable medicines for hospitals, employs approximately 3,200 people and has recently resumed operations after a tornado damaged it in July. The Durham Clinical Manufacturing Facility, on the other hand, opened in December 2021. The company initially planned for the facility to create 50 jobs and relocate 40 employees from Chapel Hill. The exact number of people employed at the facility at the time of the announcement remains unclear.

The company has lowered its full-year revenue guidance to $58.0 to $61.…

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