Consumer self-care health and wellness solution provider Perrigo Company has announced it is cutting six percent of its workforce.
In their most recent earnings call, the Grand Rapids-based company says it is launching a global “investment and efficiency program” that will reduce Perrigo’s workforce by a net 6% — roughly 540 jobs.
Savings from the new program are estimated at between $140M – $170M. Perrigo says only 40% of that savings is through role attrition. The company says the rest of the savings are expected to come from “Optimizing global advertising and promotion spend, procurement savings, and elimination of low ROI initiatives.”
Of Perrigo’s 9,000 person workforce, an estimated 4,000 work in Michigan. In addition to its Grand Rapids headquarters, the company has location in Allegan and Ottawa counties.
In their earnings release, Perrigo stated, “As part of the Company’s sustainable, value accretive growth strategy, the Company is launching Project Energize – a global investment and efficiency program to drive the next evolution of capabilities and organizational agility. This three-year program is expected to produce significant benefits in the Company’s long-term business performance by enabling our One Perrigo growth strategy, increasing organizational agility and mitigating impacts from augmenting and strengthening the infant formula business.”
Perrigo Company plc (NYSE: PRGO) is a leading provider of Consumer Self-Care Products and over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed.
