Teva starts production at $33 mln Hungarian plant
Thursday, November 24, 2005, 13:15
Teva Pharmaceutical Industries Ltd. started production at its Ft 7 billion ($33 million) factory in Hungary, daily Napi Gazdaság reported. Teva, which is building another plant in Hungary for 2 billion Ft, will produce ingredients for cholesterol reduction drugs, the newspaper said. Hungary's government gave the company a 50% tax break for next year, according to Napi Gazdaság. Petah Tikva, Israel-based Teva, is seeking to cement its position as the world's biggest maker of low-cost copycat pharmaceuticals. The company employs 2,000 people at four Hungarian units aside from its new plant, having bought local drugmakers such as Biogal Rt. and Human Rt.