Teva to close Puerto Rico pharmaceutical plant

Teva Pharmaceutical Industries Ltd. announced August 23 that as part of the company's global rationalization strategy, it will cease production at its manufacturing facility in Cidra, Puerto Rico, during the fourth quarter of 2006. The company says that the move is designed to further improve efficiencies, supply chain management and competitive positioning following the acquisition of Ivax in January 2006.

The former Ivax facility at Cidra has approximately 550 employees and originally manufactured 50 products. The majority of these products have already been transferred to other manufacturing facilities around the world. Teva through this action will achieve an estimated $45 million in cost savings in 2007.

Teva says it will work closely with employees and local authorities to ensure as seamless a transition as possible and to offer financial and placement assistance to those staff affected by the closure. Teva's API manufacturing facility in Puerto Rico is not affected by the closure.

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products.