Teva to lay off 25% of its employees in Israel
The Teva Pharmaceutical Company is expected to lay off about 1,700 of its employees, who make up about 25% of all the company's employees in Israel, with a total of 6,680 people.
Employees are expected to receive letters of summons for a hearing before dismissal in the coming weeks.
The layoffs are part of a process of streamlining after reports that showed severe damage to profitability and a dramatic reduction in the forecast for the rest of the year.
Teva is also expected to announce layoffs in the United States.
