Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has reached understandings with the Histadrut and the workers committee at its Kfar Saba plant, in which 198 employees will be laid off or will take early retirement by the end of 2021. The agreement has not yet been signed but sources tell "Globes" that it will be signed in the coming few days.
Teva said that most of the employees leaving receive early pension terms while the others are being awarded generous compensation packages, "above and beyond that required by law and collective agreements." They will also receive professional retraining and assistance in finding new jobs.
There were major layoffs at the Kfar Saba plant, which manufactures sterilization drugs and biopharmaceuticals, in the summer of 2017, even before CEO Kare Schultz introduced his streamlining plan in December 2017, and those major cutbacks included several hundred more layoffs in Kfar Saba and Ramat Hovav.
At its peak in 2015, Teva had 7,000 employees in Israel but this number fell to 3,675 at the end of 2020. Teva has 38,372 employees worldwide including 1,400 in Kfar Saba, before the latest layoffs.
Published by Globes, Israel business news - en.globes.co.il - on October 11, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021