The financially troubled Israeli pharmaceutical giant Teva announced layoffs of 350 workers at the Teva Tech plant in Ramat Hovav in the Negev, near Be’er Sheva, Globes reported on Sunday.
The firings, which will be implemented over 18 months, were euphemistically referred to as “optimization procedures.”
“The Teva Tech plant, which was exempted from the global reorganization process, is now required to implement major optimization procedures, which are designed to ensure its future sustainability through streamlining and improving its operations and mix of products and adapting to a manpower situation for the needs and the challenges of the industry and the plant in particular,” the company said in a statement.
The company promised that those being laid off will be eligible for retirement terms beyond the requirements of the law and collective agreements, as well as personal support, professional retraining and assistance in finding new jobs.
Teva CEO Kare Schultz announced the global streamlining plan in December 2017, shortly after taking over the company. Some 14,000 layoffs have since gone into effect.