19th
May
2010

Pfizer Deepens Puerto Rico Recession

Posted by Admin

Puerto Rico has had a failing economy for nearly four years now–the recession has been deep and wide in this Caribbean territory. Pfizer has, unfortunately, contributed to the deepening of that recession today by announcing the elimination of thousands of jobs in the small island nation.

The Pfizer restructuring amounts to an 18 percent reduction of its global work force and includes the shuttering of two Puerto Rico plants in Caguas and Carolina as well as the downsizing of a third plant, in Guayama, over the next 30 months.

That translates into the loss of some 1,500 jobs from Pfizer’s 4,000 staff in Puerto Rico, a U.S. commonwealth with a chronic, double-digit unemployment rate that stood at 16.2 percent in March, according to local officials.