TEVA Layoffs? Teva Pharmaceutical Industries Ltd (ADR) (TEVA) Denies Job Cut Rumors

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Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) is denying reports that it plans to lay off up to 6,000 employees.

TEVA Layoffs? Teva Pharmaceutical Industries Ltd (ADR) (TEVA) Denies Job Cut Rumors

The TEVA layoffs reports came from two Israeli newspapers on Thursday morning. They claim that the company is planning to reduce its workforce by laying off between 2,000 and 6,000 employees. Teva Pharmaceutical Industries Ltd (ADR) currently employs 57,000 people across the world.

The reports claim that the TEVA layoffs are part of the company’s effort to cut unprofitable activities. Teva Pharmaceutical Industries Ltd (ADR) did confirm that it has an efficiency plan in place to do just that. However, it notes that the numbers reported by the two publications are incorrect.

Teva Pharmaceutical Industries Ltd (ADR) didn’t say how many employees will be affected by its plans. These plans include consolidating functions, freezing recruitment and natural employee turnover. While some TEVA layoffs will likely occur, the company says it will keep an open dialogue with its employees about the process, reports Reuters.

Teva Pharmaceutical Industries Ltd (ADR) has been struggling lately for a variety of reasons. It has taken part in several acquisitions recently, some of its drugs have been delayed and the generics industry is facing trouble overall from price wars.

The reports claiming that TEVA layoffs are on the way come as the company searches for a new CEO to replace Erez Vigodman. Vigodman stepped down from the role of CEO last month and Dr. Yitzhak Peterburg has been acting as interim CEO as the company looks for a permanent replacement.

TEVA stock was up 1% as of noon Thursday, but is down 9% year-to-date.


Article printed from InvestorPlace Media, https://investorplace.com/2017/03/teva-layoffs/.

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