Teva inaugurates new Kansas City building

The company received $53 million in tax breaks and other incentives for construction of the $65 million building.

While public controversy rages in Israel over the billions of shekels in tax breaks that Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has received in recent years, Kansas City has granted the Israeli pharmaceuticals company tax breaks and other incentives to the tune of $53 million in order that it should set up a new headquarters in the city.

Yesterday, Teva inaugurated the new building, which has nearly 14.5 thousand square meters of space on five floors. The precise location of the building is College Boulevard, Overland Park. It has 600 car parking spaces, and cost a total of $65 million.

In the building are a fitness center, a coffee bar, 38 conference rooms, a 300-seat auditorium, and office and breakout spaces for 400 employees of Teva's North American Specialty Medicines division.

Division president Larry Downey thanked state and city officials present at the inauguration, which was also attended by Governor of Kansas Sam Brownback. Brownback said that the Teva workers were joining 16,000 people employed in bioscience in Kansas.

Published by Globes [online], Israel business news - - on October 16, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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