News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Teva Pharmaceutical Industries Limited (TEVA) to Sack 1,500 Cephalon, Inc. (CEPH) Workers


11/8/2011 11:31:36 AM

Market sources report that Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is firing 1,000 employees, less than a month after it completed the acquisition of Cephalon. Teva expects at least $500 million in synergies from the acquisition - and they will come from layoffs. The firings account for 27% of Cephalon's workforce before its acquisition - a very high proportion. For the sake of comparison, Teva fired fewer than 10% of Barr's employees following its acquisition in 2008. Teva is not firing employees in Israel; most of the layoffs will be in Europe and the US.

Read at Globes Online
Read at News Release

comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES