Israel’s Largest Company Laying Off Half Its Israeli Workers by the Forward

Israel’s Largest Company Laying Off Half Its Israeli Workers

TEL AVIV (Reuters) - Israel-based Teva Pharmaceutical Industries will unveil a restructuring plan on Thursday that will include laying off more than half its Israeli workforce, the Calcalist financial news website said.

Teva’s plan includes closing its research and development center in the coastal city of Netanya, selling its logistics center in Shoham and cutting 3,300 jobs out of 6,430 in Israel, Calcalist said, citing people familiar with the matter.

Saddled with nearly $35 billion in debt since acquiring Allergan’s Actavis generic drug business for $40.5 billion, Teva made a series of changes after Kare Schultz joined as its new chief executive on Nov. 1.

A spokeswoman for Teva, the world’s largest generic drug maker which employs more than 56,000 people, declined to comment on Wednesday’s report, while Israeli Finance Minister Moshe Kahlon said only he was following the situation closely.

Meir Babayoff, chairman of the Negev region in the Histadrut labor federation, vowed to stop any layoffs and called on Israel’s government “to wake up,” but declined to detail what actions labor leaders plan pending an official announcement from Teva.

Teva said on Tuesday that Yitzhak Peterburg, who previously served as its chairman and interim CEO, had resigned from its board with immediate effect.


Teva Pharmaceuticals Lays Off Half Its Israeli Workers

Your Comments

The Forward welcomes reader comments in order to promote thoughtful discussion on issues of importance to the Jewish community. All readers can browse the comments, and all Forward subscribers can add to the conversation. In the interest of maintaining a civil forum, The Forward requires that all commenters be appropriately respectful toward our writers, other commenters and the subjects of the articles. Vigorous debate and reasoned critique are welcome; name-calling and personal invective are not and will be deleted. Egregious commenters or repeat offenders will be banned from commenting. While we generally do not seek to edit or actively moderate comments, our spam filter prevents most links and certain key words from being posted and the Forward reserves the right to remove comments for any reason.

Recommend this article

Israel’s Largest Company Laying Off Half Its Israeli Workers

Thank you!

This article has been sent!