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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