The center is due to begin operating by the end of 2010.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today held the cornerstone laying ceremony for its new $100 million logistics center at the Modi'in industrial park. The logistics center is for Teva distribution subsidiary Salomon, Levin and Elstein Ltd., and is due to begin operating by the end of 2010.
"On December 23, 2010, dozens of trucks will enter this facility for the first time," said Teva Israel CEO Judith Vardi at the ceremony. Vardi will not be in her present post by that time; she is slated to become CEO of Teva Latin America in a few weeks, after three years in her present post. She will be replaced by Teva VP international regional marketing Ron Meron.
Teva president and CEO Shlomo Yanai promised that the new logistic center would begin operating in 2010, and set a date for its inauguration ceremony. He added that although 96% of Teva's sales were in international markets, Teva was an Israeli company.
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2009
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