Bristol Myers Squibb Co (NYSE:BMY) is headed the Tampa way
Bristol Myers Squibb Co (NYSE:BMY) announced that will be downsizing its staff at the Plainsboro and few other offices in central New Jersey. Around 200 support service jobs will be cut. These measures will take place over the next one year. The company will be consolidating its information technology, marketing and finance operations at its new Tampa, Florida facility. The costs in this region are considerably lower.
New Jersey expensive
BMY said that of the 200 workers who will be losing their jobs, 100 are contractors. Frederick Egenolf, a spokesperson for the company said that the cost of operating and staffing the New Jersey facilities was proving to be a financial drain and expenses had been spiraling out of control. He went on to say that shifting these jobs to Tampa will help the company realize a good amount of cost savings for facilities and labor over a period of time. It will also reduce the demand on the New Jersey facilities as there will now be room for additional growth.
Job cuts insignificant
These cuts are not very big ones and represent only a tiny percentage of BMY’s New Jersey workforce. This is where the company employs over 6,000 people at its commercial, global research and manufacturing headquarters. Egenolf said that the company is not shutting-down any of the New Jersey facilities and reiterated that the state continues to be a major source of highly-skilled staff for Bristol Myers Squibb.
Last week, the state of Florida announced that the pharmaceutical company has opted to set up offices in the Tampa area and will be building a center that will consolidate its support services. The state has also promised BMY tax incentives. Most of the jobs in these offices will be filled by people who live in the Tampa area.