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Pharmaceutical

Teva to close plant in Puerto Rico

October 16, 2006
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Teva Pharmaceutical Industries Ltd., the world''s largest generic drugmaker, said it will close a plant in Puerto Rico as part of an reorganization related to its acquisition of Ivax Corp. earlier this year, the Associated Press reports. The Israel-based company plans to close its Cidra, Puerto Rico plant, which originally made about 50 products, in the fourth quarter, affecting about 550 workers. Most of the manufacturing performed at Cidra has already been transferred to other plants. Teva estimates it will save about $45 million in 2007 as a result of the closure. The company said it will offer affected employees financial and placement assistance, and that the closure will not affect its active pharmaceuticals ingredients plant in Puerto Rico.

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