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Teva to lay off 500 workers in Hungary

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Wikimedia Commons / Raysonho @ Open Grid Scheduler / Grid Engine - Own work

Israeli-owned drugmaker Teva will lay off 500 workers in the coming months at its plant in Gödöllő, on the outskirts of Budapest, the company said on Tuesday, according to state news agency MTI.

Teva plans to sell or close the plant by the end of 2018 as it redesigns its operations as part of its global corporate strategy.

Production at the plant will continue until the middle of 2018 with reduced capacity. The company is looking for ways to offer benefits to employees to allow them to find new jobs.

Teva will still employ more than 2,000 people at its plants in Debrecen and Sajóbábony and its Hungarian sales department. The change will not affect these units.

Teva is actively looking for a buyer for the Gödöllő plant and is cooperating with government bodies on the matter.

Teva posted HUF 284.2 bln revenues in Hungary in 2015, with pre-tax profit of HUF 102.6 bln.

Teva voluntarily halted production at the plant in 2016, after the United Statesʼ Food and Drug Administration (FDA) banned imports of products from the plant following a routine inspection there.

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