Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) this morning announced that it is laying off 350 employees at the Teva Tech plant in Ramat Hovav in the Negev, near Beersheva. The layoffs will be implemented over the next 18 months.
The company announced, "The Teva Tech plant, which was exempted from the global reorganization process, is now required to implement major optimization procedures, which are designed to ensure its future sustainability through streamlining and improving its operationsand mix of products and adapting to a manpower situation for the needs and the challenges of the industry and the plant in particular.
The streamlining plan will be completed in the first quarter of 2022 and the company said that the 350 employees leaving the company would receive beneficial retirement terms, which are above and beyond the requirements of the law and collective agreements, as well as personal support, professional retraining and assistance in finding new jobs.
Teva CEO Kare Schultz announced the global streamlining plan in December 2017, shortly after assuming the helm of the then financially troubled pharmaceutical company, which involved 14,000 layoffs, which have since been implemented. Teva is now undergoing an optimization process, which involves further layoffs including the 350 in Israel announced today.
Published by Globes, Israel business news - en.globes.co.il - on August 23, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020