Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has embarked on its streamlining plan. The company will soon begin laying off dozens of employees at its legal department in Israel and in other countries.
Some of the employees will be fired, others will leave when they reach retirement age, and others will leave under voluntary retirement agreements. Teva has not yet fired any employees, but the positions of some employees who have reached retirement age will not be filled. Altogether, Teva is reducing its legal staff by 10%.
Teva recently announced a streamlining plan, which will include the laying off or voluntary retirement of 5,000 employees, a tenth of its global workforce. It will reportedly lay off 700-1,000 employees in Israel. The company has decided to accelerate the streamlining plan because of possible launches of generic versions of Copaxone as soon as the spring of 2014, in the wake of a US court ruling.
Teva said in response, "In October, Teva announced a global streamlining plan, which includes reducing the company's workforce by 10%. The company is in the midst of the review process and analysis of the needs of various departments at Teva's sites in Israel and around the world."
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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