Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is moving its global headquarters from Petah Tikva to Ra'anana, sources inform "Globes." For some time, Teva has been mulling focusing all its Israel operations in one location rather than at several sites as at present. For this purpose, Teva was in talks to buy land from a number of companies including Carasso Motors Ltd. (TASE: CRSO) and Isras Investment Co. (TASE: ISRS), which own assets in Petah Tikvah but in the end it preferred to purchase land in Ra'anana owned by Toyota's Israel importer George Horesh. Estimates are that the purchase of the land and construction of the new headquarters will cost Teva NIS 500 million. The move is part of Teva's streamlining process and is designed to save the cost of leasing properties. In addition, some of the land that will be vacated in owned by Teva and can be sold.
Teva confirmed the move by saying, "Teva will complete the purchase of land in Ra'anana in the coming days on which the company's global headquarters in Israel will in the future be built. The campus, which will be completed in five years' time, will unify operations in the global headquarters that are spread over many sites. The campus will provide Teva's employees in Israel with an advanced and comfortable working environment that will encourage the scientific, technological and business excellence to which the company is committed while preserving the heritage of Teva and its founders The campus will be situated in a green environment with an emphasis on low density construction and maintaining the special spirit of the company."
The location in North Ra'anana is close to the SAP building and also houses such comoanies as NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE), Waze, Texas Instruments and Comverse.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2015
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