Teva cutting 10% of legal staff

Teva: The company is reviewing the needs of various departments at Teva's sites in Israel and around the world.

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 - - on November 19, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

View comments in rows
Update by email about comments talkback
Your name
Please insert your name
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Twitter Facebook Linkedin RSS Newsletters גלובס Capital  Markets Conference 2017