Another NC business announces job cuts

November 19, 2008 7:19:13 PM PST
Pharmaceutical company announces they will lay off more than 100 jobs in Sanford.The company, based in Madison, N.J., has about 1,100 workers in North Carolina, many in the Lee County area.

The company says the cuts are not directly related to the global financial crisis.

The Sanford plant makes components for a pediatric vaccine called Prevnar. It is the world's fourth largest biotech company and is still very profitable.

But three of its largest patented drugs are under attack from generic makers. The company is trying to cut costs.

About 124 people at the Sanford plant have lost their jobs.

Raymond Bradley has a cousin working at Wyeth.

He thinks people cut from the company will have a very hard time finding as good pay in Sanford.

"At best you're going to find a job just above minimum wage," Bradley said.

Sanford residents hope the steady beat of job cuts ends soon.

"I've never seen the economy like this anywhere where like this in my lifetime," Bradley added.

Wyeth's 50,000 workers worldwide were told in January that the company aimed to reduce its work force by 6 percent by the end of the year with a long-range goal of a 10 percent cut by 2010.


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