KARACHI: Bayer Pakistan has rebuffed the reports of the company’s exit from Pakistan and stated that the company is not planning any such move.
In a statement issued, the company stated, “Bayer is analyzing which of its manufacturing activities may no longer be of strategic focus going forward. In doing so, the company intends to strengthen the competitiveness of its manufacturing capabilities and support the transformation of its pharmaceutical business to deliver long-term, sustainable business growth.”
As part of this strategic review, Bayer intends to transfer selected assets, i.e., its Pharmaceutical and Consumer Health manufacturing plant based in Lahore, as well as, selected brands from the Pharmaceuticals and Consumer Health portfolios to an international diversified company with a strong presence in Pakistan.
Impacted Bayer Pakistan employees will be transferred to the acquirer with a two-year job guarantee, comparable compensation and special bonuses. There have been no layoffs as part of this transaction. Impacted employees have already signed offer letters issued by the acquirer.
Bayer has been a part of Pakistan’s healthcare and agriculture landscape for the last 60 years, demonstrating a commitment to creating greater value for customers, stakeholders and society as a whole. The company continues operating its Pharmaceuticals, Consumer Health and Crop Science businesses in Pakistan, in line with its global vision: Health for All, Hunger for None.
Copyright Business Recorder, 2023
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