Teva to lay off 500 in Hungary - report

Teva Photo: Tamar Matsafi

Reports in the Hungarian media say that Teva plans to sell or close down one of its Hungarian plants by the end of 2018.

The Hungarian media today reported that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) would lay off 500 employees in the coming months at its plant in Godollo on the outskirts of Budapest. Reports say that Teva plans to sell the plant or close it down by the end of 2018.

Production at the plant will continue on a smaller scale until it closes down. At the same time, Teva is looking for a buyer for the plant, and is cooperating in this with government agencies in Hungary.

This plant made headlines in 2016, when Teva halted production there, after the US Food and Drug Administration (FDA) cited faults found there in a routine audit, and warned that it would ban imports of certain products produced there.

Teva has 2,000 more employees in its other plants in Hungary and in its sales departments in the country. These employees will be unaffected by the layoffs.

Published by Globes [online], Israel Business News - - on May 17, 2017

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

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
Teva Photo: Tamar Matsafi
Teva Photo: Tamar Matsafi
Twitter Facebook Linkedin RSS Newsletters גלובס Capital  Markets Conference 2017