Up To 9,000 Jobs At Risk As Viatris Kicks Off $1bn Restructuring Scheme
Fifteen Manufacturing Sites Affected By Worldwide Initiative
With a goal of reducing its cost base by at least $1bn by 2024, Viatris has delivered plans to significantly restructure its global manufacturing network. Up to 20% of Viatris’ 45,000-strong workforce could be impacted by the initiative which will see the firm close, divest or downsize 15 of its manufacturing plants around the globe.
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Viatris enjoyed another strong quarter, its second full quarter as a combined entity, allowing for a raise in guidance across the board. Management discussed the firm’s strengths, and weaknesses, during the Q2 earnings call.
The end of July will bring the closure of Viatris’ Morgantown plant, following years of compliance issues for the once flagship Mylan facility. But the company has revealed that it is still in the process of exploring alternatives for the site outside of Viatris.
Committed to greater transparency following its formation in November, Viatris published first-quarter financial results that met top- and bottom-line expectations. However, the US-based company promised to update the market for meeting revenue projections in 2021.