At the end of 2020, less than 10% of the workforce at Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) operates in Israel. Tifa reported that it has 3,675 employees in Israel out of a total workforce worldwide of 38,372, or 9.6% in Israel. The Teva workforce has steadily declined in recent years, both in Israel and around the world, following the massive simplification plan led by CEO Kare Schultz that was introduced in December 2017. Since then, the number of employees in Israel has shrunk by 41% compared to 26% dramatically. Year around the world. RELATED ARTICLES Teva CEO: We are in talks to co-produce the Covid-19 vaccine, as Teva beat expectations with strong fourth-quarter results. The decline in the number of Teva employees in Israel began before Schultz took office. At its peak, Tifa’a had 7,400 employees in Israel at the end of 2012, which is twice the number of workers today, and at that time they constituted 16% of the total workforce in Teva. After the acquisition of Actavis in 2016 and the increase in the number of employees in the United States, this number has decreased to 12%. In 2017, Teva found itself in financial difficulty due to the debt it incurred to purchase Actavis, while cash flow was hit by lower prices for generic drugs in the US and the expiration of Copaxone’s patent. Schulte was brought in to deal with the situation and presented his simplification plan, which saw some Israeli factories close. For example, the Kiryat Shmona plant was sold to FIMI Opportunity Funds. Teva’s financial report for 2020 shows that the company’s workforce in Europe grew 2% in 2020 to 18,569, while declining elsewhere in the world. 45% of Teva’s employees are women and 47% are managers but only 23% are senior managers. Posted by Globes, Israel business news – en.globes.co.il – on February 11, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021
The simplification of Teva has hit Israeli employees the most
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