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 - www.globes-online.com - on May 17, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
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