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Grifols, a Spanish pharmaceutical firm, will lay off around 2,300 employees, representing 8.5% of its global workforce.
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The company seeks to reach annual savings of around 400 million euros ($427 million) through a strategy overhaul.
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The layoffs include 2,000 jobs in its plasma business in the United States and 300 jobs in Spain and the US in corporate functions.
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Grifols wants to have a "more efficient" platform to obtain plasma and to lower costs.
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Savings of 100 million euros will be reflected in Grifols' 2023 balance sheet, while the remaining 300 million would be added in 2024.
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The company operates in 30 countries and has around 27,000 employees worldwide, with the United States being its main market.
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In Spain, Grifols has approximately 4,300 employees.
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The pandemic severely impacted Grifols' business as blood collection was halted in many countries, resulting in plasma shortages.
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Grifols' results in 2020 and 2021 were negatively affected by the pandemic and the plasma shortages.
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Grifols aims to recover from the pandemic's impact and improve its operations and financial performance through its new strategy.