In 2009, the company began a major restructuring focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs. This was part of a business strategy launched in 2007 to transform the company from a large diversified pharmaceutical company to a specialty biopharma company, which also included the closure of half of their manufacturing facilities. As another cost-cutting measure, Bristol-Myers Squibb also reduced health-care subsidies for retirees and plans to freeze their pension plan at the end of 2009.