Teva Pharmaceuticals will reportedly be laying off up to 1700 workers in order to deal with mounting financial problems, according to the Israeli business daily.
Up to 25 percent of the layoffs will come from the 6,860-member Israeli workforce, and there will be a 20% cutback from its 57,000 total global employees — most of which will are expected to be in the U.S., said the economic daily, Calcalist.
The layoffs, which are expected to start as early as this week, come under newly appointed Chief Executive Kare Schultz.
Read the Times of Israel coverage
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