Teva announced plans to lay off some of its workforce in Israel in an effort to reorganize and improve its competitiveness.
"In light of the complex business reality the entire pharmaceutical industry and Teva in particular face, Teva has been implementing in recent years a global reorganisation," the largest company in Israel said in a statement. "Large parts of this plan have already been completed in most of the countries Teva operates."
While Teva did not specify how many employees it would lay off from its base of 7,000 workers, sources told Reuters that nearly 350 production employees would get the axe.
Teva has already started to consult with unions at two of its productions sites.
Read the Reuters report