Bristol-Myers Squibb to cut 10% of its workforce
Bristol-Myers Squibb said yesterday that it would cut approximately 10% of its work force of 43,000 employees.
Bristol-Myers Squibb said yesterday that it would cut approximately 10% of its work force of 43,000 employees, continuing a year of pharmaceutical industry layoffs as drug makers adapt to a more competitive environment.
Besides layoffs, the company said it would sell or close half its 27 manufacturing plants worldwide, farm out some manufacturing and winnow its portfolio of more than 500 products by about 60%. That will be accomplished both by selling mature products and eliminating product lines.
For the full New York Times article, click here .
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey