Teva to cut 5000 jobs as part of restructuring plan
Teva announced Thursday that as part of a restructuring programme introduced last year, it will reduce its global workforce by approximately 10 percent, or around 5000 employees, with the majority of cuts completed by the end of 2014. The company noted that as a result it now expects to realise annual cost savings of approximately $2 billion by the end of 2017, compared to the previously guided range of $1.5 billion to $2 billion.
CEO Jeremy Levin remarked «Teva is managing its operations to achieve high levels of effectiveness in the short term, while pursuing opportunities for the long term." He added that «the accelerated cost reduction programme will strengthen our organisation while improving our competitive position in the global marketplace.»
The restructuring initiative included actions to divest
Teva indicated that it expects cost savings of $1 billion to be realised by the end of 2014, with 70 percent of the overall total anticipated by the end of 2015. The company said that the majority of the savings are expected to come from a reduction in the cost of goods, with part of this amount reinvested in «
The company also reaffirmed its