Deals
Israel Urges Teva to Bring Jobs Back Home, Hinting at Aid Plans
- Local employees shouldn’t be punished, minister says
- Teva agrees to delay domestic cuts until later in the year
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Israel’s government urged Teva Pharmaceutical Industries Ltd., the country’s largest company, to bring jobs and operations back home while signaling its willingness to aid in a rescue of the beleaguered drugmaker.
The company has an obligation to Israel because of the special tax benefits it’s enjoyed over the years, according to a statement Monday from Economy Minister Eli Cohen. Government officials have in recent days successfully pressed Teva to delay 350 job cuts in its home market until after the Jewish holidays in October, and are asking the Petach Tikva, Israel-based company to consider paring costs by targeting the management rather than rank-and-file staff.