PEPPERTON, Texas — Pfizer is reducing its corporate headquarters in Fort Worth and moving its headquarters to a new location in China, the company announced Monday.
The news comes after Pfizer announced earlier this month that it would shutter all of its U.S. and international manufacturing operations, including its $2.7 billion plant in Dallas and its headquarters in a building in the Houston suburbs.
The company’s Dallas facility will close at the end of this year.
Pfizer will begin moving its manufacturing operations to the new location from Texas, the New York-based company said in a statement.
“This will result in significant reductions in the workforce and will create significant opportunity for our local workforce,” the company said.
PepsiCo has about 1,500 U.K. employees, most of whom work in its London office.
The Boston-based manufacturer is the latest in a series of companies that have been forced to cut their U.A.E. and European operations in recent years due to low profit margins and declining stock prices.
Pernod Ricard said in January it would close a factory in its Paris plant.
Pfizer has a presence in the United States but also has some manufacturing facilities in China and the Netherlands.
Pendragon Capital Markets analyst David Kostin said he believes Pfizer will continue to maintain its U and European manufacturing in the coming years.
PwC analyst Jody Hurd said the company’s global headquarters will provide a solid base to support its U&European operations.
“Pfizers corporate headquarters will remain in the U. A.E., but Pfizer’s headquarters in China will allow it to better serve its global customers,” Hurd wrote in a research note Monday.
“With the closure of its Dallas facility, Pfizer also intends to consolidate its global manufacturing efforts in Beijing.
We believe Pfizer should be able to remain in China for some time to come.”
Hurd added that he expects Pfizer “will continue to be focused on expanding its business to other markets” and that he believes it will “continue to be a major player in the pharmaceutical and medical device industries.”
Follow Associated Press producer Dan Gable on Twitter at twitter.com/dangeegable.
Follow AP Business on Twitter and Facebook at www.facebook.com/_APBusiness