Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) tevaissued a statement today denying press reports that it intends to transfer production lines from Israel to the Far East as part of its downsizing plan.
"We firmly deny the details that appear in the report," Teva said. "The company has announced a streamlining program, but it is only at the initial planning stage. We find it regrettable that the media should choose to publish information that misleads the public."
Media reports stated this morning that, as part of its streamlining program, Teva was considering transferring production lines to Asia, and that it was also preparing to step up production in order to boost stocks in anticipation of a possible strike by its employees.
It was also reported that the layoffs at Teva would begin next month, despite the company's official announcement last week that they would start next year. Teva has said in the past few days that the details of the plan have still not been finally settled, and that it will report full details in December.
Published by Globes [online], Israel business news - www.globes-online.com - on October 14, 2013
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