Zoetis Inc. reportedly will fire as many as 2,500 workers -- about one-quarter of its workforce -- after being pressured by investor Bill Ackman to downsize, according to a Bloomberg article.
The layoffs are part of a plan to cut $300 million in annual costs by 2017. Zoetis will shutter or sell 10 manufacturing sites and will reduce its geographical divisions from four to two, among other measures, the company said. The reduction will boost Zoetis’s 2017 operating profit by $200 million, the company said.
Read the Bloomberg story