Teva’s far-reaching cost cuts are hitting close to home—not just in Israel, but at its North American headquarters, too.
The embattled company is laying off more than 200 workers in and around its North Wales, Pennsylvania, home base, it said in a WARN notice filed with the Pennsylvania Department of Labor and Industry. Those layoffs are effective Friday.
Specifically, the generics giant has pink-slipped 65 employees across three buildings in Horsham, Pennsylvania, and North Wales, 96 across sites in Fraser and Great Valley, Pennsylvania, and 47 more at a West Chester, Pennsylvania, location.
The layoffs come as part of new Teva CEO Kåre Schult's plan to squeeze $3 billion from the company’s annual costs as it struggles under some serious dealmaking debt. In December, the company said it would pare down its workforce by 25%, shedding thousands more jobs than industry watchers expected.
Further Reading:
“Teva, Which Recently Became a PhRMA Member, Among 6 Drug Firms Being Sued by 20 States!”; http://sco.lt/4nFwPZ
“TEVA #Pharma Is Not "Worker Centric" - Fires Union Workers to Save Money”: http://sco.lt/8Ikr9l ;
“Only 20% of Teva's Illegal Pay-to-Delay Profits Goes to US Treasury”: http://sco.lt/5eDXyz