Teva Pharmaceutical to Cease Production at Plant in Cidra, Puerto Rico
Teva Pharmaceutical Industries Ltd. announced that the company will cease production at its manufacturing facility in Cidra, Puerto Rico during the fourth quarter of 2006.
Petak Tikva, Israel (Aug. 23)-Teva Pharmaceutical Industries Ltd. (www.tevapharm.com) announced that the company will cease production at its manufacturing facility in Cidra, Puerto Rico during the fourth quarter of 2006. Teva says the move is designed to further improve efficiencies, supply chain management, and competitive positioning following its acquisition of Ivax earlier this year.
The former Ivax facility at Cidra has roughly 550 employees and originally manufactured 50 products. Teva says the majority of these products have already been transferred to other manufacturing facilities. Teva expects that the move will achieve an estimated $45 million in cost savings in 2007.
Teva's manufacturing facility for active pharmaceutical ingredients in Puerto Rico is not affected by the closure.
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