Teva to Cut Undisclosed Number of Jobs as It Seeks to Pare Costs
- Drugmaker says report that 11% of staff will be fired is wrong
- Firm to exit unprofitable businesses, consolidate operations
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Teva Pharmaceutical Industries Ltd. signaled plans to cut an unspecified number of jobs as the world’s largest maker of cheap copycat drugs seeks to exit unprofitable operations and reduce expenses in an effort to pare its debt and revive growth.
The drugmaker is freezing recruitment plans and opting not to fill jobs as employees leave, among other steps, the Petach Tikva, Israel-based company’s spokesman said in a text message on Thursday. An earlier media report that it plans to cut as many as 6,000 jobs, or about 11 percent of its global workforce, is inaccurate, it said.