Plant shutdown will not impact product supply, says Pfizer
Pharmaceutical firm Pfizer says no impact will be felt on product supply due to closure of the plant.
July 16, 2015 / 08:41 AM IST
Pharmaceutical firm Pfizer has shut down one of its nearly inactive plant since 2013. The company had issued a lockout in August last year following continued labour unrest.
Sources told CNBC-TV18 that the company has finally reached a decision to close the plant based on an assessment of the unit's long term viability. The site employed 212 workers and Pfizer says it has offered voluntary retirement scheme (VRS) and 132 workmen have already opted for the scheme.
According to Pfizer's March 2015 financial statement, a sum of Rs 80 crore has been spent towards VRS claims and other costs. The company says remaining 80 workers will continue to receive wages till September this year post which it will honor obligations towards requisite compensation as per the law.
The company says it will not be impacted as far as products supply is concerned as it has a continuity plan in place already.
The company has shifted almost 60 percent of the products to contract manufacturing partners and rest to its Goa facility, which it got post integration with erstwhile Wyeth.