Israeli unions threaten strikes over Teva job cuts

Israeli unions are promising to strike if any of the 5,000 layoffs planned by Teva Pharmaceutical Industries ($TEVA) hit home. "We'll eat only bread and we'll drink only water, and we won't let anyone break us," Teva Tech workers committee chairman Eli Zohar told Globes, the Israeli news service, adding, "We'll protect our workers like a lioness protecting her cubs. ... If necessary, we'll jump into the flames." Workers may get burned by those promises because the company has said it will cut its workforce by about 10% worldwide, and that is 5,000 workers. Many of those cuts are expected to come from production. Last year, when CEO Jeremy Levin first said the company needed to slim down, it was estimated that 16% of the company's workforce was in Israel. Story | More