How will Teva’s woes affect Israel’s economy?
A s part of a worldwide streamlining plan Israeli drug maker Teva Pharmaceuticals has announced mass layoffs in Israel and across the globe sparking an open-ended strike in the company itself as well as a half-day general strike called in solidarity by Israel’s public sector on Sunday. What’s it all about and how will Teva’s woes affect Israel’s economy?
How many employees is Teva planning to fire?
At first Teva announced that 3300 jobs would be slashed in Israel representing about one-quarter of the company’s domestic workforce. At the end of last week though Teva announced that it was reducing that number to 1 750. But that’s not the final tally; the company is planning to close some of its factories where another 750 workers are employed — for a grand total of 2 500 employees. Outside of Israel Teva plans to fire around 12 000 more employees.
Why is Teva laying off so many workers?
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