Global Drug maker Bayer has decided to shift its strategic focus but has no plans to halt operations in Pakistan.
According to a statement issued by the multinational pharmaceutical company, the company said it is analyzing which of its manufacturing activities may no longer be of strategic focus going forward. Bayer intends to stay put and continue operations in Pakistan despite the shift.
The corporation disclosed that it plans to transfer certain assets, including its pharmaceutical and consumer health production plant in Lahore, as well as certain brands from its pharmaceutical and consumer health portfolios, to another company with a strong presence in Pakistan.
More importantly, Bayer Pakistan employees affected by the strategic shift will be transferred to the acquirer with a two-year job guarantee, matching compensation, and special bonuses.
The company said there have been no layoffs. Meanwhile, employees impacted by the move have already signed offer letters issued by the acquirer.
Bayer products in Pakistan include pharmaceuticals to treat a variety of medical conditions, consumer health products that enable people to take charge of their everyday health, and crop science products that are essential to supporting the agriculture industry.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.