Bristol-Myers Begins Long-Awaited Job Cuts
Make a commentBy Ed Silverman // November 30th, 2007 // 2:41 pm
The big announcement will be made next Wednesday, when the drugmaker holds a briefing for Wall Street analysts and fund managers, who will hear how Bristol ceo Jim Cornelius hopes to generate some growth. Meanwhile, though, attention is focused on layoffs, although exact numbers and the like won’t be disclosed until the day of the meeting.
The cutbacks will include manufacturing plants and a variety of office-bound locales. Already, though, the drugmaker has announced its intent to close a plant in Puerto Rico, which employs about 400 people. And word is starting to go out among employees who work at Bristol headquarters on Park Avenue in New York, where such departments as legal, finance and compliance are expected to be trimmed.
“Senior management has previously stated that they’ve got a $25 billion infrastructure, but a $15 billion revenue organization,” Lehman Brothers analyst Tony Butler tells Bloomberg News. “These things are companywide. There are no sacred cows.”
By the way, if you would like to listen to the details next week, you can register here.