The Jerusalem municipality has approved the construction of a pharmaceutical plant for Teva (Nasdaq: TEVA; TASE:TEVA). Teva received a digging permit for the plant’s initial work at Har Hotzvim in northern Jerusalem last week.
The Jerusalem municipality and the Jerusalem Development Authority urged Teva to establish the Jerusalem plant, despite feasibility studies that showed it would be better to invest overseas.
Jerusalem Development Authority chairman Uziel Wexler met former Teva CEO Eli Hurvitz to convince him to build the Jerusalem plant out of patriotism. Teva acceded to the request after some debate.
Work on the plant will probably begin in a few weeks and take 18 months. Teva plans to build a pharmaceutical plant, research center and laboratories. The $100 million plant will employ 1,000 people.
The Jerusalem municipality stated that it would spare no effort to expedite the plant’s construction as quickly as possible, since it was an achievement in developing high-tech industry in the city.
Municipality and Teva representatives are jointly examining various benefits for the plant.
A Teva spokesperson said in response, “We consider Teva to be an Israeli company and we’re proud to expand our operations in Jerusalem.”
Published by Globes [online] - www.globes.co.il - on April 24, 2003
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