Pfizer and Wyeth: one big merger, one big job cut

Pfizer Inc.

On Friday, following months of speculation, it was confirmed that Pfizer Inc had combined operations with Wyeth after the completion of the two firms' pending acquisition.

Pfizer, already the world's largest pharmaceutical company, came out on Friday announcing it was now a "more diversified healthcare company."

And, in reports from the end of last week, Jeffrey Kindler, chairman and chief executive of Pfizer, revealed how the firm's "newly strengthened company will have some of the best assets, people, pipeline and capabilities in the industry."

He added, "We [now] have a clear responsibility to turn those strengths into meaningful results for patients, customers and the communities we serve, as well as for our shareholders."

However, despite Kindler's typically cheery demeanour, reports have since surfaced pertaining to the vast uncertainty about how thousands of planned job cuts will now take shape.

These concerns have been bolstered by reports that have emerged from various places across the nation, where both companies currently have assorted labs and offices. Wyeth's facility in Great Valley, Pennsylvania, for instance, has now reported that it will close - leaving some 900 people who work there uncertain about their future.

Meanwhile, though Pfizer revealed that it plans to keep a "significant presence" in Connecticut, it remains unclear what that actually means in terms of numbers. The firm currently employs some 5000 people in the state.

Worries over job losses are not unexpected, however. The merger, which creates he largest pharmaceutical corporation on earth, has been on the cards since January, when Pfizer bought-out Wyeth in a deal work $68 billion. As such, the news that it would also lead to the elimination of some 19,000 jobs, or 15 percent of the companies' combined workforce soon followed - a bitter pill to swallow for many employees.

Nonetheless, despite the ongoing job loss concern, Kindler remains optimistic about the super-company's future.

He closed his speech on Friday by saying, ""We are pleased to welcome our talented new colleagues from Wyeth to Pfizer, including many first-class scientists and business leaders.

"We are proud that our new and existing colleagues possess all of the highly valuable skills and experience essential to every aspect of our business, and share our passion for improving health and well-being at every stage of life."

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