August 21, 2015
By Mark Terry, BioSpace.com Breaking News Staff
Florham Park, N.J.-based Zoetis announced on Wednesday that it will be moving its headquarters from Florham Park to Parsippany. The company also announced today that it has completed the expansion of its manufacturing facility in Lincoln, Neb.
Both news comes just a few months after the company filed a WARN notice with the State of New Jersey that it was planning to cut approximately 165 jobs by Dec. 31, 2016. WARN notices are part of the Worker Adjustment and Retraining Notification Act of 1989.
Zoetis was spun off Pfizer Inc. in 2013. It is one of the largest developers and manufacturers of animal health medications and vaccines in the world. In 2014, the company reported $4.8 billion in annual revenue, employs about 10,000 people globally, and markets products in more than 120 countries.
“This anticipated reduction is part of a comprehensive program announced on May 5, 2015, to simplify Zoetis operations worldwide, improve our cost structure and better allocate resources to key growth opportunities,” said Elinore White, company spokeswoman in a June statement. “The implementation of this plan will allow Zoetis to become more competitive by being more focused and cost-efficient, while taking full advantage of our company’s scale and business model.”
Company headquarters are currently at 100 Campus Drive in Florham Park. The new headquarters in Parsippany will be in a 125,000-square-foot facility on Sylvan Way. The new space is expected to be completed by the fall of 2016. Other companies in the area of the new location include The Medicines Company . and Wyndham Worldwide.
The new manufacturing expansion in Nebraska is three stories and an additional 19,000-square-feet of space. It currently employs about 500 people at that location, and with the expansion, expects to add about 30 new jobs. The facility manufactures some of the company’s top products, including BOVI-SHIELD GOLD and RESPISURE ONE for livestock, and RIMIADYL (carprofen) for dogs. Part of the expansion is to allow full production of SYNOVX, a product for beef cattle.
The facility also manufactures an antibody therapy for dogs, Canine Atopic Dermatitis Immunotherapeutics, and a vaccine against porcine epidemic diarrhea virus (PEDv), an emerging disease.
“Zoetis is excited to expand its footprint in Lincoln and provide veterinarians, livestock producers, pet owners and the animals in their care with a reliable, consistent supply of quality animal health products,” said Betty Mason, Lincoln site leader in a statement. “The entire community can be proud of our expanded manufacturing operations, which enable us to produce 1,200 finished goods for more than 100 markets around the world.”
Overall, has been on gradual rise this year with a notable spike in late June. Shares traded on Oct. 16, 2014 for $35.07, rose to $45.80 on Nov. 26 and then to $47.91 on April 29, 2015. They jumped to $55.38 on June 25, then settled back to $46.57 on July 9, popped back to $50.02 on July 22 and are currently trading for $45.83.
Nineteen brokerage companies that cover Zoetis have given the company an “Buy” rating, according to Marketbeat. One analyst gave it a “Strong Buy,” nine gave it a “Buy” and nine gave it a “Hold.” Guggenheim gave a “Buy” and set a price target of $60, up from $55 on June 12. William Blair reported “Hold” and Zacks went from a “Hold” to “Buy” with a price target of $55 on July 28.
