Animal health firm will slash product portfolio in a bid to save $300m annually

Animal health firm Zoetis will sell or close 10 manufacturing plants as part of a global efficiency drive. The firm will eliminate 5000 low-margin product variants from its portfolio to allow it to ‘focus on key products, key markets and strategic manufacturing sites’.

The plan is expected to cost the former Pfizer subsidiary $400–500 million (£260–325 million) over the next two years, and bring savings of $300 million per year.