Te­va ax­ing 14,000 work­ers, putting R&D and man­u­fac­tur­ing fa­cil­i­ties on the block in mas­sive re­struc­tur­ing

Im­age: Kåre Schultz, Te­va CEO. News Øre­sund

New­ly ap­point­ed Te­va CEO Kåre Schultz un­veiled a mas­sive re­or­ga­ni­za­tion of the com­pa­ny to­day, with plans to ax 14,000 work­ers, shut­ter R&D and man­u­fac­tur­ing fa­cil­i­ties in var­i­ous places and rad­i­cal­ly pare down $3 bil­lion in costs glob­al­ly to re­make the com­pa­ny in the wake of a pun­ish­ing down­turn in the gener­ic drug busi­ness.

Schultz and the team he’s putting to­geth­er for Te­va are mak­ing a rad­i­cal break from the past, shed­ding a long run­ning re­luc­tance to cut staffers in Is­rael. Al­to­geth­er, the com­pa­ny is cut­ting more than 25% of its work­force and slash­ing a large por­tion of its $16 bil­lion cost struc­ture.

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