Statement on announcement from Pfizer
Statement from Joanne Richardson, Chief Executive, The American Chamber of Commerce in Ireland concerning today's announcement from Pfizer
"Today's announcement by Pfizer that it is to reduce its global workforce is by 6,000 and by up to 775 people in Ireland over the next five years is deeply regretted. Our thoughts are with those affected and their families at this time.
"We understand that these job losses are as a result of the full integration of the Pfizer and Wyeth manufacturing and supply organizations. According to Pfizer these proposed changes will improve manufacturing efficiency and reduce costs by more effectively using resources and technology, improving plant processes, eliminating excess capacity and better aligning production with product demand.
"These jobs are not being exported to lower cost countries and that is to be welcomed. Pfizer has had a presence in Ireland since 1969 and has been a strong supporter of Ireland with total capital investment exceeding €7 billion
Pfizer will remain a significant employer in Ireland with over 4,000 people employed and has stated that it is planning further capital investment and new positions in its biotechnology operations in Ireland.
"The company's stated commitment to work with the IDA to seek buyers for the impacted sites also has the potential to mitigate the impact of this announcement and could lead to employment growth in the future.
"The Life sciences sector remains one of the strongest and most vibrant sectors in the Irish economy and generates almost one third of total exports. As a significant contributor to Ireland's economic development over the past decades, the sector will continue to be vital in driving export led growth in the future. Throughout 2009 the sector saw its exports increase by close to 20%. Nine of the top ten global pharmaceutical companies are located in Ireland, with seven out of ten pharmaceutical blockbusters produced here.
"US companies remain the strongest investors in Ireland with some 600 US companies employing in excess of 100,000 people and more than $146 billion invested here. Ireland continues to be a base of strategic importance to US multinationals, and this year alone has seen 17 major investment announcements resulting in over 1,000 new jobs nationwide".
Ends.