Teva starts process to close 15% of its production sites

Teva Pharmaceutical Industries ($TEVA) has dedicated itself to cutting $2 billion in annual costs from its budget by the end of 2017, half of it this year. And to get there, the Israeli-based generics maker will take an ax to its manufacturing operations. CEO Erez Vigodman told analysts last week that the company is in the process of closing 11 plants in its global network of 70, 15% of the total. It is also evaluating another 16 to see where else it might find savings. He didn't say how many workers would lose their jobs, but his predecessor, Jeremy Levin, had set the number at about 5,000. Story | More