Bristol-Myers Squibb to Cut Workforce by 10%

Bristol-Myers Squibb (BMS, New York, NY) has announced plans to reduce its workforce by approximately 4,800 positions, more than 10% of its current workforce. The announcement of this restructuring comes as BMS tries to focus on pharmaceuticals rather than big-market drugs.

The locations for the layoffs have not been disclosed, but 1,300 employees have already been notified. Many of the positions are in human resources, information technology, and finance. An additional 3,500 jobs are expected to be cut by the end of next year.

BMS has also announced the closure of its Colón, Panama manufacturing plant, which will cease operations by the middle of 2008. According to the press release, the decision to close is a result of the decreased market demand for the products packaged at the site. The plant closing will affect 98 jobs.

Bristol-Myers Squibb announcementBMS Panama closure release