IHS Chemical Week

Teva to restructure operations, cut 5,000 jobs worldwide

10:46 AM MDT | October 11, 2013

Teva Pharmaceutical Industries (Petach Tikva, Israel) has announced plans to restructure its business, including a reduction of some 5,000 jobs, approximately 10% of its global workforce. The company says that these steps are part of its worldwide restructuring program, which includes divestment of noncore assets, improvement in manufacturing efficiency and reduction of excess capacity. The company expects to realize annualized cost savings of $2 billion by end 2017, compared with the previously guided $1.5 to $2.0 billion. Teva estimates that about half of the...

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