Pfizer axes 500 jobs in Cork

Hundreds of jobs are hanging in the balance at Pfizer's plants in Cork today as a result of a major restructuring programme.

The drug firm has announced that 65 jobs will be shed as a result of the closure of part of its main plant in Ringaskiddy.

The company also says it plans to sell off its factory in Loughbeg and part of its operation in Little Island, where a further 480 people are employed.

Pfizer says it hopes the jobs can be saved through a successful sale.

The closures follow a fall in the company's global profits resulting from the failure of its latest drug in clinical tests.

They will come as a major blow to the local economy in Cork, particularly given the 600 job cuts announced by Motorola and FCI in recent weeks.

Opposition TDs are blaming the losses on the Government's failure to control rising costs for industries that are harming Ireland's competitiveness.