Pfizer will cut its Irish capacity for manufacturing active pharmaceutical ingredients by more than 40% over the next two years. The company will close a plant in Ringaskiddy, eliminating 65 positions. It will phase out a portion of the capacity at its Little Island plant, affecting 180 people, and all of its Loughbeg plant, where 300 people work. To preserve jobs, Pfizer says it would prefer to sell the Little Island and Loughbeg operations rather than close them. According to Pfizer, the end of development of the experimental cholesterol drug torcetrapib is "by far the most significant factor impacting future capacity demand in Ireland."