WILLIAMSBURG - Drug company Pfizer announced Monday it will cut jobs and close at least five facilities, including a manufacturing site in Williamsburg, to slash its annual costs by up to $2 billion by next year.

Pfizer officials say the company is struggling with fierce competition from makers of generic drugs. This is the second time in two years the drug maker has announced a major cost-reduction plan to combat revenue losses from expiring patents. The closing of the Williamsburg plant will leave 600 employees without work. Pfizer says there will be no other manufacturing jobs for employees in the immediate vicinity. However, the company plans to help workers transition to other jobs.

A statement from the Brooklyn Chamber of Commerce says, ?This is a major loss for Brooklyn and its residents. The estimated 600 positions that will be lost at (the) site were good jobs that maintained households and supported the community. The Brooklyn Chamber will be there to support Pfizer and their employees.?