Pharmaceutical giant Bristol-Myers Squibb has revealed it is to axe 4,300 employees and close more than half of its manufacturing plants.
The move is part of a large restructuring scheme aimed at saving $1.5bn by 2010.
The company, which makes the anticoagulant Plavix (clopidogrel bisulfate), has lowered its earnings forecasts for this year and said it will sell off its medical imaging business.
Bristol-Myers also said it is reviewing its options for ConvaTec, a wound care products supplier, and its Mead Johnson Nutritionals business.
But the company hinted it may buy other firms, as a statement said it is seeking “to reallocate resources to enable additional strategic acquisitions”.
It recently purchased the biopharmaceutical company Adnexus Therapeutics.
The job cuts mean 10% of the company’s staff will be axed, and the redundancies will be made throughout 2008 and 2009.
The firm also said it will close more than 50% of its factory sites by the end of 2010.
Chief executive James Cornelius said: “It is difficult to see our valued colleagues leave the company, but right-sizing our workforce across all areas is critical to achieving our productivity goals and enhancing the competitive position of the company.”
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