Teva To Cut 5,000 Jobs As Drug Company Winds Down Bucks Operations

Map of Bucks County, Pennsylvania, United Stat...

Map of Bucks County, Pennsylvania, United States with township and municipal boundaries (Photo credit: Wikipedia)

Teva Pharmaceutical Industries will cut about 5,000 jobs, 10 percent of its workforce, accelerating a cost-cutting plan as it prepares for lower-priced competition for its best-selling drug.

Teva, the world’s largest maker of generic drugs, said it expects to save about $2 billion a year by the end of 2017.

In May, the company announced plans to close its West Rockhill Township manufacturing plant in 2017, eliminating more than 450 jobs there and dealing a significant blow to northern Bucks County‘s employment base.

Teva is the Pennridge-area’s second-largest employer after Grand View Hospital.

Read more: http://www.mcall.com/news/breaking/mc-teva-fires-5000-workers-20131010,0,7070943.story#ixzz2hKpgdvPX
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