Teva offers early retirement to 200 Kfar Saba employees

Teva Kfar Saba

The cuts are part of Teva's attempts to maintain its global competitiveness.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) is offering early retirement to 200 employees at its Kfar Saba plant, which had 1,327 employees as of the end of 2014, according to the company report. The plan is being offered to specific employees according to defined parameters: veteran employees, new employees, and others. The offer is for a limited time, and the company said it would include "substantial benefits."

Teva's business at the Kfar Saba plant includes drug manufacturing, development laboratories, warehouses, and offices. According to Teva, the plan is part of a global process of focusing its business, aimed at maintaining the company's competitiveness and facilitating its continued growth in Israel and worldwide.

"The plan includes a retirement package on particularly beneficial terms, markedly higher than what prevails in the market, and professional advice provided on behalf of the company. This process is taking place in tandem with a regular dialogue with the workers' representatives, and will be conducted fairly and respectably," said Teva executive VP and chief human resources officer Mark Sabag.

"Teva is in the midst of a profound process of strengthening and focusing its business. The process extends throughout the organization, and is designed to improve the company's long-term competitiveness in the global business environment," Sabag explained.

Published by Globes [online], Israel business news - www.globes-online.com - on April 19, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Teva Kfar Saba
Teva Kfar Saba
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