web analytics
January 27, 2015 / 7 Shevat, 5775
 
At a Glance
News & Views
Sponsored Post


Teva to Fire 5,000 Workers Worldwide

Israel’s giant generic Teva Pharmaceuticals firm will fire  by the end of next year 5,000 employees around the world, including hundreds in Israel, as one of the “steps to accelerate the reduction of costs and to optimize its structure.”

Most of the layoffs will be outside Israel, said Teva CEO Jeremy Levin, who moved to Israel form the United States last year to head the company.

The layoffs are expected to save the company $1.5 to $2 billion by the end of 2017, and part of the savings will be re-invested in the development of generic and specialty drugs.

Levin maintained  that the company is not suffering from financial problems. In New York, the company’s shares jumped 2 percent on news of the cutback in the workforce.

Teva’s stock was the darling of investors until five years ago, when the announcement of competitors’  generic drugs to replace Teva’s patented Copaxone drug, which treats  multiple sclerosis, drove the stock down by nearly 50 percent.

About the Author: JewishPress.com brings you the latest in Jewish news from around the world. Stay up to date by following up on Facebook and Twitter. Do you have something noteworthy to report? Submit your news story to us here.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Soldiers guard terrorists while checking his car, where they found hidden weapons.
IDF Catches Terrorist with Rifle and Pistol in His Car
Latest News Stories
Another Israeli company has sold out.

Kimberley-Clark has announced it is forking out $160 million to buy out the Hogla-Kimberley diaper company that already is half-owned by the American-based paper giant. The purchase price includes a $10 million payment to Hadera paper not to compete in the diaper market for four years. “The current agreement is in line with the strategy […]

President Reuven Rivlin (2R) and wife Nechama (R) meet with parents of lone soldiers who died in Operation Protective Edge in New York on Jan 27, 2015.

Israel’s president met in NY with the parents of lone soldiers who died during Operation Protective Edge

facebook madness

Facebook, Instagram and other social media platforms have fallen off the Internet worldwide.

Fifteen Auschwitz survivors, aged 80-94, returned this morning, Monday January 26, to the infamous death camp, Auschwitz, some for the first time.

Yair Lapid has announced his Yesh Atid list for the upcoming elections….

God has not cooperated with the Boycott Israel movement.

El Al has canceled its popular 001 after-midnight flight from Ben Gurion Airport to JFK in New York because of the expected blizzard that is forecast to cripple the Northeast in the United States. Flight 027 to Newark, New Jersey will take off 11 hours late, and the flight from Newark to Tel Aviv will […]

Maybe the court will forgive the gang because one of them apologized.

Ari Ne’eman, a pioneer in autism self-advocacy, awarded the Ruderman Prize in Inclusion.

IDF soldiers were dragged to missionary evening of ‘appreciation’ for soldiers who fought in Operation Protective Edge last summer in Gaza.

As they say in Egyptian, plus ça change, plus c’est la même chose.

French far-rightist politician Jean-Marie Le Pen suffered a facial injury.

Apple may have handed the Chinese government access to the software used in its iPhones.

More Articles from Jewish Press News Briefs
President Reuven Rivlin (2R) and wife Nechama (R) meet with parents of lone soldiers who died in Operation Protective Edge in New York on Jan 27, 2015.

Israel’s president met in NY with the parents of lone soldiers who died during Operation Protective Edge

facebook madness

Facebook, Instagram and other social media platforms have fallen off the Internet worldwide.

Yair Lapid has announced his Yesh Atid list for the upcoming elections….

El Al has canceled its popular 001 after-midnight flight from Ben Gurion Airport to JFK in New York because of the expected blizzard that is forecast to cripple the Northeast in the United States. Flight 027 to Newark, New Jersey will take off 11 hours late, and the flight from Newark to Tel Aviv will […]

Prior to Sunday’s cabinet meeting, Bibi talked about the dangers of Iran, ISIS and anti-Semitism and the importance of Aliyah.

The Histadrut national labor union has warned that Israelis may have to travel without Egged buses on Monday unless company management satisfies employees and drivers’ demands on salaries and work conditions. As things stand now, late Sunday afternoon, Egged workers will stage a one-day warning strike Monday following what they say is a failure of […]

The small right-wing parties will hurt their ideological allies and voters, unless they get past their egos and ideological perfectionism and help their side for a change.

This is the first time since 2012 that the dollar-shekel rate broke the 4.0 mark.

Printed from: http://www.jewishpress.com/news/breaking-news/teva-to-fire-5000-workers-worldwide/2013/10/10/

Scan this QR code to visit this page online: