Teva shares jump on news of massive worker layoff and restructuring plan
Teva Pharmaceutical Industries’ (TASE: TEVA) long awaited restructuring and worker layoff plan has finally been announced by the firm’s newly-appointed chief executive Kåre Schultz.
The two-year plan will see a quarter of the Israeli generics giant’s workforce let go, some 14,000 people worldwide, with the aim of reducing costs by $3 billion by the end of 2019.
More than half of the reduction is expected to be achieved by the end of next year.
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