DUBLIN, Ireland — Perrigo has plans to cut about 6% of its workforce which is slated to begin the first quarter of 2024.
The over-the-counter pharmaceutical manufacturer said despite improvements in gross profit, Perrigo will launch "Project Energize" as an effort to make their growth strategy more sustainable.
"Project Energize will be initiated in Q1 2024, subject to local law and consultation requirements, and is expected to deliver an annualized pre-tax savings in the range of $140 million to $170 million by 2026. The Company expects to reinvest $40 million to $60 million of these savings to drive its blended-branded business model," Perrigo said in its Fourth Quarter report.
The company employs around 9,000 people. That means as many as 540 people could lose their jobs.
It wasn't immediately clear which Perrigo locations would be impacted.
13 ON YOUR SIDE reached out to Perrigo to learn if these cuts would impact West Michigan. They shared this statement Wednesday afternoon:
"As we align to our One Perrigo strategy, Perrigo is implementing a global investment and efficiency program to consumerize, simplify, and scale our organization. We believe that our One Perrigo strategy sets us up to pursue the right growth opportunities and strategic reinvestments to achieve long-term success in our industry.
As a result, we expect a net reduction of approximately 6% of total Perrigo roles globally, and will take steps to ensure that anyone impacted will be well-supported in this transition."
The company is headquartered in Dublin, Ireland, and has its North American corporate headquarters in Grand Rapids along the Medical Mile.
Perrigo also has locations in Allegan and Holland.
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