Israeli pharmaceutical giant Teva announced on Wednesday that it has reached an agreement with workers at a factory that has had unrest for weeks.
The inhaler factory, located in Jerusalem, is expected to be shut down as part of Teva’s global restructuring plans.
The company will be closing down the factor by the end of next year.
As per the agreement between Teva and the Histadrut labour federation and company unions, as many as 60
workers will leave the company by the end of February, while the remaining 180 will remain until the facility is shut in December 2019.
Teva is planning to cut a quarter of its global workforce which could mean as many as 14,000 jobs.
Teva has said it would help workers with training and counseling to find other employment.
Under the company’s two year plan, Teva could reduce costs by $3 billion by the end of next year.
The company’s Board of Directors have also aken a 50 percent pay cut.
Disclaimer: We have no position in Teva Pharmaceutical Industries Limited (NYSE: TEVA) and have not been compensated for this article.