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, 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 .