Newtown News of Interest
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After Being Fined Over $500 Million for Being Corrupt, TEVA #Pharma is Laying Off 200-plus Workers in It's North Wales PA Home Base

After Being Fined Over $500 Million for Being Corrupt, TEVA #Pharma is Laying Off 200-plus Workers in It's North Wales PA Home Base | Newtown News of Interest | Scoop.it

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

johnmacknewtown's insight:
In December, 2017, Teva agreed to pay nearly $520 million to the U.S. Department of Justice and Securities and Exchange Commission to resolve violations of the Foreign Corrupt Practices Act. The criminal fine to the DOJ totaled more than $283 million, while Teva ponied up $236 million to the SEC.
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Newtown News of Interest
These Scoops are excerpts from articles published in local newspapers and other sources that may be of interest to Newtown area residents. Please click on the "From" link to access the full original article. Any opinions and "insights" appended to these article summaries are solely those of John Mack and do not represent the opinions of any other person or entity.
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