By Emon Reiser
Pfizer, a leading pharmaceutical company, will be closing its facility located in Peapack, N.J. This decision will have a substantial impact on the jobs of 781 workers, as reported in a Workers Adjustment and Retraining Notification filed with the state.
Workforce Reassignments
In an effort to mitigate the impact of the closure, Pfizer has announced that many of the affected employees will be reassigned to the company’s New York headquarters at 66 Hudson Yards. Additionally, a small number of workers will be moved to Pfizer’s Parsippany, N.J., site.
Planned Closure Date
The closure of the Peapack facility is scheduled to take place on February 12, 2024. This move comes after Pfizer’s announcement in 2021 that it intends to sell the entire Peapack campus.
Deliberation and Decision
Pfizer has been carefully considering the future of the Peapack site over the past couple of years. After extensive evaluation, the decision to close the facility has been made. As a result, Pfizer has informed its colleagues that all positions at the site will be relocating to other Pfizer facilities.
Impact of Workforce Cuts
Last month, Pfizer revealed workforce cuts as it revised its revenue guidance for the year. The company had to reduce its revenue projections by $9 billion due to a decline in sales of its Covid-19 vaccine.