Teva closing Netanya plant, laying off 220

Teva  photo: PR

The activities of the Plantex plant, which produces complex API, will be transferred to China or India.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) announced this afternoon that it is closing down its Plantex plant in Netanya and laying off all 220 employees that work there. Plantex manufactures Teva's complex API (Active Pharmaceutical Ingredients) and it was the first plant to produce API for multiple sclerosis treatment Copaxone.

Teva plans transferring Plantex's API activities to India and China and there will be no attempt to sell the operations.

The plant also contains the operation of Novetide, a joint venture between Teva and Israel Chemicals (TASE: ICL: NYSE: ICL) for the development of peptides. It remains unclear what will be the fate of the laboratory employees and machine operators of this chemicals venture.

The closure of the Netanya plant is part of a streamlining program announced in December, which includes 14,000 layoffs worldwide including 1,750 in Israel to cope with Teva's $34 billion debt.

Published by Globes [online], Israel business news - - on February 15, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Teva  photo: PR
Teva photo: PR
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