A labor union joined the Teva strike by also going on strike as well.
Prime Minister Benjamin Netanyahu told members of his cabinet he would use several “tools at our disposal” to prevent the closure of a Teva manufacturing plant in Jerusalem and try to “limit damage” for the company’s employees, according to a text message from his office.
Teva has been struggling since it paid almost $41 billion last year to acquire Allergan Plc’s generics unit, a deal that failed to yield the anticipated sales boost. Compounding the problem is the loss of its monopoly on Copaxone, the multiple sclerosis injection that at one point generated half of Teva’s profits.
Hundreds of Teva employees blocked central roads in Jerusalem and chanted slogans as they marched to Netanyahu’s office as cabinet members arrived for their weekly meeting, police said. The government is considering a grant to Teva that would enable the company to reduce the number of jobs cut in Israel, the Haaretz newspaper said, without saying how it got the information.
Teva probably won't be able to accomplish as much cost cutting as they originally planned on doing, but if they get a government bailout that is cheaper than their massive debt, then that might be able to offset the curtailed cost cutting.
Submitted December 17, 2017 at 01:39PM by COMPUTER1313 http://ift.tt/2jat3RE
