Zoetis to Cut Up to 2,500 Jobs After Pressure From Bill AckmanDanielle Burger
Zoetis Inc., the animal-health drugmaker that was spun off from Pfizer Inc., will cut as many as 2,500 jobs over the next 18 months after facing pressure from activist investor Bill Ackman to pare down.
The company announced the reductions Tuesday on a conference call. Zoetis will shutter or sell 10 manufacturing sites and will reduce its geographical divisions from four to two, among other measures, the company said Tuesday in a statement. The reduction in expenses will entail as much as $500 million in one-time charges and will boost Zoetis’s 2017 operating profit by $200 million, the company said.
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