Israeli drug giant to lay off 5,000 workers

Jerusalem, Oct 11 (IANS) The world's biggest generic drugs manufacturer Teva Pharmaceutical Industries will fire 10 percent of its workers worldwide, the Israeli-based company announced Thursday.

Most of the 5,000 employees will be fired by the end of 2014. The move will help Teva save $2 billion annually by 2017, compared to the previously guided range of $1.5-2 billion, reported Xinhua citing the company's statement.

Teva further mentioned that these steps were part of its " restructuring program, which was introduced in December 2012 and included actions to divest non-core assets, increase organisation effectiveness, improve manufacturing efficiency and reduce excess capacity".

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