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Teva Pharmaceutical Industries Limited (TEVA) to Reduce Manufacturing Footprint, Chief Levin Says


4/12/2013 7:58:38 AM

Teva Pharmaceutical Industries Ltd. (TEVA) is reducing manufacturing operations as part of a cost-cutting effort, though most of the savings under the plan will come from lowering procurement expenses, Chief Executive Officer Jeremy Levin said. Teva, the world’s biggest generic-drug maker, has set a goal of lowering expenses by as much as $2 billion over five years to increase long-term profitability. The plan may lead to job losses in Israel, where Teva is the largest company by market value, Ronny Gal, an analyst at Sanford C. Bernstein & Co., said last month. "Some parts of manufacturing will be affected but this is not the major thrust of this,” Levin said today in an interview at the company’s headquarters in Petach Tikva. “It’s mainly going to come from procurement. That is where you will see the major impact.”

Read at Bloomberg

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