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Old 10-12-2010, 08:14 AM
 
Location: Kingsport, TN
1,697 posts, read 6,349,122 times
Reputation: 1766

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for $3.6 billion in cash:
Pfizer will buy King Pharmaceuticals for $3.6B: Associated Press Business News - MSN Money
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Old 10-13-2010, 08:43 AM
 
Location: Gray, TN
2,172 posts, read 4,168,452 times
Reputation: 928
This has the potential to be very bad for NET. Hopefully Pfizer will keep it open as a manufacturing/distribution facility, but if Pfizer eliminates jobs, the majority of people working at King are those dwindling middle class type folks. Most have been trained by King for their particular job, so their skills are not readily transferable.
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Old 10-13-2010, 05:04 PM
 
Location: Beautiful TN
61 posts, read 154,457 times
Reputation: 22
Quote:
Originally Posted by rccrain View Post
This has the potential to be very bad for NET. Hopefully Pfizer will keep it open as a manufacturing/distribution facility, but if Pfizer eliminates jobs, the majority of people working at King are those dwindling middle class type folks. Most have been trained by King for their particular job, so their skills are not readily transferable.
I agree that this could be really really bad. Especially for Bristol. I am not sure that I quite agree with your description of the majority of people who work at King. My husband is a King employee. He is well educated and has his Masters Degree. His co-workers that I have interacted with have all been degreed professionals. I have to admit I am really nervous about this buyout. Best case scenario, new drugs are approved by the FDA and are manufactured here in Bristol which could potentially add jobs. Worse case scenario, King disappears from the area. I know my hubby certainly could not find a job in the area making what he is making now. I know it would be next to impossible to sell our home. I can't imagine what the "unskilled" workers would do. I love Bristol. I love how downtown has improved over the last couple of years. If King goes, it would devastate the community.
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Old 10-14-2010, 08:06 AM
 
Location: Gray, TN
2,172 posts, read 4,168,452 times
Reputation: 928
For a summer while I was in college, I worked with quality control and a group of machinists, a little bit in the mail room too. I hate it for all 500 or so employees at King. I guess I thought mostly about the good folks I worked with since most of those type of jobs have disappeared and they don't have many transferable skills. Seems like Bristol has really had the worst of it in recent years: Bristol Compressors, Exide, Graceway, et al. Sincerely, I hope for the best for you, your husband, and all the other fine people at King Pharmaceuticals.
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Old 10-18-2010, 06:27 PM
 
Location: Johnson City, TN
243 posts, read 643,744 times
Reputation: 59
Doesn't the city have some guideline that they must be notified if a company plans to layoff workers? If so, I haven't read anything about it in the news. . . . hopefully, things will go well for King.
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Old 10-19-2010, 07:49 AM
 
Location: Gray, TN
2,172 posts, read 4,168,452 times
Reputation: 928
They talked about that with the Exide layoffs. It's like 40 days, and Exide didn't do it. I remember something about an "out clause" for emergencies. In this case, I don't see Pfizer qualifying, so I guess we'll at least get a heads up.
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Old 05-29-2013, 10:57 AM
 
Location: Kingsport, TN
1,697 posts, read 6,349,122 times
Reputation: 1766
UPM's President, James E. Gregory, said, "The acquisition is a very exciting opportunity for our organization. With the new facility, UPM will now be able to offer clients a seamless transition from early stage formulation development to commercialization along with all associated comprehensive lab support. The new facility will give UPM the capability to annually produce 3.5 billion tablets and 680 million capsules; this will be a dramatic growth opportunity for our company and our clients."

The Pfizer facility was once home to King Pharmaceuticals before being acquired in late 2010. King Pharmaceuticals was founded by UPM's current Chairman and CEO John Gregory.

UPM Pharmaceuticals® Purchases Pfizer Commercial Manufacturing site in Bristol, TN - WDRB 41 Louisville - News, Weather, Sports Community
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