Teva Braces for Nationwide Strikes by Israeli Union on Job Cuts
- ‘We’re going on strike across all of Teva,’ union head says
- Maker of generic drugs to announce cost-cutting plans Thursday
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Teva Pharmaceutical Industries Ltd., the beleaguered drugmaker that’s selling assets and retrenching operations as it grapples with $35 billion in debt, may face a nationwide strike by Israel’s national labor union in response to any further job cuts.
Chief Executive Officer Kare Schultz, who took the helm in early November, is poised to announce his turnaround plan on Thursday. The world’s biggest manufacturer of generic medicines is planning to cut as many as 10,000 jobs around the world to trim about $1.5 billion to $2 billion in expenses over the next two years, people familiar with the matter told Bloomberg last week. That represents more than 15 percent of Teva’s global workforce.