Pfizer to Close Facility in Peapack, NJ, Affecting 781 Workers

1 Mins read

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.

Related posts

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Carrier Global Sells Industrial Fire Business

1 Mins read
Carrier Global Sells Industrial Fire Business for $1.425 Billion Carrier Global has announced the sale of its industrial fire business to private-equity…

Leave a Reply

Your email address will not be published. Required fields are marked *