Israeli drug giant Teva to cut 5,000 jobs
A picture taken on June 11, 2013 shows the outside of the factory of Israel's Pharmaceutical Industries Teva in Jerusalem
A statement on the website of Teva Pharmaceutical Industries Ltd said the world's largest generic drug maker would trim about 5,000 of its 46,000 jobs worldwide. It did not give a breakdown by country.
“Teva is managing its operations to achieve high levels of effectiveness in the short term, while pursuing opportunities for the long term," CEO Jeremy Levin said in the statement.
"We understand that this may be a difficult time for our employees and are committed to act with fairness, integrity and respect, and provide support during this time."
The statement said the programme aimed to achieve "$2.0 billion in annual cost savings by the end of 2017 including $1.0 billion by the end of 2014."
Israeli business daily Globes quoted Levin as saying it was not yet clear how many of the company's 7,500 staff in Israel would lose their jobs.
"Most of the layoffs will be outside Israel," he said.
"Later this year, we will specify which programs we'll invest in. We'll give many more details about what we're doing at the end of the year. This year, we've saved $300 million."