US pharmaceutical giant Pfizer announced today that it is to cut 180 jobs in Cork after it had failed to find a buyer for one of its five manufacturing facilities in Ireland.

For the past 18 months, the company had been seeking to to sell the facility at Little Island as a going concern and retain employment there. But the sale fell through last month and the company says the facility will now close by the end of 2009.

In a statement, the company said all possible avenues and opportunities to find a buyer have been exhausted. The layoffs will begin on a phased basis from October.

Pfizer's Paul Duffy said it was a difficult day for everyone and thanked national and local government officials for their help in trying to find prospective buyers.

He said that despite attracting a number of parties, the purchase of the Little Island facility as an ongoing operation had not proven feasible.

Attempts to find a buyer for a second manufacturing facility at Ringaskiddy are continuing. 300 people are employed at this plant.

The company attributes the abandonment of plans to produce a new anti-cholesterol drug called Torcebrapib at Ringaskiddy in 2006 as the major reason for closing one of its manufacturing units in the town with the loss of 65 jobs in 2007, and putting two of its facilities in Cork up for sale.

Pfizer is one of Ireland's largest pharmaceutical multinationals and has an Irish workforce of over 2,300. It was among the first to set up in Ireland, opening its main Ringaskiddy plant in Cork in 1972.

In May Pfizer said it planned to invest €190m, with the support of IDA Ireland, for the establishment of a biologics facility at Shanbally, Co Cork. The new plant will create about 100 new jobs over three years.

Former Minister for Enterprise, Trade and Employment Micheál Martin said on May 02, 2008 in relation to the biologics facility investment:“This is a strategically important development for Pfizer as it is the first time it has placed its internal biopharmaceutical clinical production and process development activities outside of the US. Pfizer has made a tremendous contribution to Ireland’s Life Sciences industry since it established here in 1970 and this investment is a further demonstration of the company’s continuous commitment to Ireland. The decision to place such a sophisticated and technologically advanced operation here is a significant endorsement of Ireland’s wealth of talent and expertise.”

“The success of Pfizer’s operations here has placed Ireland in the enviable position of winning this much sought after investment against strong competition internationally, particularly as it will be instrumental in making Pfizer a leader in the global biologics industry. I congratulate the management and workforce at all of Pfizer’s existing Irish operations for this outcome.”