Animal health products maker Zoetis Inc said it plans to cut up to a quarter of its workforce and exit nearly 40 percent of its manufacturing plants in its first major restructuring since being spun off from Pfizer Inc two years ago.The restructuring comes a month after activist investor Pershing Square seated their second nominee on Zoetis's board in exchange for not soliciting any takeover offers for the company."After two years of separating from Pfizer ... we have identified significant opportunities for improvement," Zoetis Chief Executive Juan Ramon Alaix said on a call on Tuesday.Alaix, who was heading the animal health business even at Pfizer, was speaking after Zoetis posted a better-than-expected quarterly profit due to strong sales in the Americas.
Pfizer Inc. is a bio pharmaceutical company. The company applies science and resources to discover, develop and manufacture healthcare products. Shares of PFE fell by 0.6705% or $-0.2301/share to $34.09. In the past year, the shares have traded as low as $27.51 and as high as $35.53. On average, 28987800 shares of PFE exchange hands on a given day and today's volume is recorded at 12593755.
Zoetis Inc. is engaged in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. Shares of ZTS traded higher by 0.9154% or $0.4156/share to $45.82. In the past year, the shares have traded as low as $29.56 and as high as $47.99. On average, 3414650 shares of ZTS exchange hands on a given day and today's volume is recorded at 5180027.