Markets

Pfizer's Silence on Post-Wyeth Merger Job Cuts, Site Closures Has Everyone on Edge

By Jim Edwards

Updated on: October 9, 2009 / 4:32 PM EDT / MoneyWatch

Pfizer is driving everyone nuts with its silence on which sites, offices and labs it will close following its merger with Wyeth. Even the Connecticut governor doesn't know what Pfizer's plans will be, even though the state has two sites -- Groton and New London -- and 5,000 jobs at stake. The Day quoted the governor's spokesperson:

... Pfizer hasn't been able to reveal its intentions because of regulations regarding mergers. He said the economic and development agency shares concerns about potential job losses at Pfizer's campuses in Groton and New London and "will be ready to assist in any way that's necessary to see that opportunities are retained in Connecticut."

... Connecticut should be heartened over its decision to favor the Groton labs over Ann Arbor, Mich., in its previous round of consolidations. Pfizer officials also noted the millions of dollars in investments made at the Groton site following the closure of its manufacturing plant there in 2007 ...

Management is already drawing up lists of who will, and who won't, survive the 19,500 layoffs it wants to get out the combined entity. But they won't be revealed until after the final paperwork is filed with the SEC. Martin Mackay, Pfizer's president of global research and development told the Courant:

We will make significant decisions within 30 to 60 days, post-close.

Wyeth's office in Madison, N.J., is most likely to be closed, according to a poll on the Pharma Conduct blog. Pfizer's HQ on 42nd Street in New York is most likely to remain open, the poll indicates. In the Pipeline's Derek Lowe agrees on the Groton call:

I think we can safely predict that this one will stay open.

You can tell by the comments under the last two items that both Pfizer and Wyeth employees are freaking out at the prospect of post-merger unemployment.