Teva fires dozens in Israel

Teva Photo: Tamar Matsafi
Teva Photo: Tamar Matsafi

Many more employees will be let go in Israel and worldwide as the pharmaceutical company implements a new streamlining plan.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is implementing a streamlining plan and has recently fired dozens of employees in Israel who are on personal contracts as part of the cutbacks. Teva is planning further streamlining to reduce expenses and lower debt with more layoffs likely in Israel and worldwide.

In its financial report for 2016, newly appointed chairman Sol Barer said that extensive streamlining measures would be taken and that Teva was expected to begin implementing them soon.

Teva's workers committee said, "We still do not know about the current streamlining plan. We hope to halt the process as we have stopped similar processes in the past. In any event, we will support employees with everything that they will need."

These latest cutbacks come after a streamlining process in 2013 that was unprecedented in scope and which aimed to increase profitability and improve the company's financial soundness. 5,000 employees were fired in Israel and worldwide in a process that cost $1.1 billion and was meant to bring annual savings of $2 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Teva Photo: Tamar Matsafi
Teva Photo: Tamar Matsafi
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