Teva will cut 14,000 jobs worldwide | December 18, 2017 Issue - Vol. 95 Issue 49 | Chemical & Engineering News
Volume 95 Issue 49 | p. 14 | Concentrates
Issue Date: December 18, 2017

Teva will cut 14,000 jobs worldwide

By Ryan Cross
Department: Business
Keywords: Employment, generics, Teva, job cuts

Kåre Schultz, the new CEO of Teva Pharmaceutical Industries, is making good on his promise to launch a major restructuring of the indebted generic-drug giant. Schultz aims to reduce Teva’s costs around the globe by $3 billion by 2019. To do that, Teva will slash 25% of its workforce, about 14,000 employees, and shutter many of its R&D facilities, manufacturing plants, and offices worldwide next year. The Israeli firm’s stock spiked 16% upon the news.

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