Teva closes plant in Netanya and Buffet buys 14 million shares

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by Ifi Reporter Category:Health Feb 15, 2018

The Teva plant in Netanya will be closed by the end of next year, and about two hundred and forty workers will be fired. This was the decision of the Company's management. The laid-off employees are part of the 1,700 employees the company decided to lay off at the end of last year. The Nature Plant of Netanya produces the active part of various drugs, and is considered less profitable. Shaul Amsterdsky writes that this production activity is expected to be pressured into Israel
Billionaire Warren Buffett is investing in the Israeli drug manufacturer Teva. Buffett's investment company, Berkshire Hathaway, reported that it owns some 14 million Teva shares worth about $ 300 million. Following the announcement, Teva rose by about 9 percent after the end of trading in New York. In the trading itself, the share rose by four percent and four-tenths
Teva announced two months ago that it will resign some 14,000 employees worldwide.
Teva Pharmaceutical Industries reported results for the quarter and year ended December 31, 2017.
During 2017, Teva was adversely affected by negative trends in the US generic market, which were reflected in its business results. Based on an analysis of the updated US cash flow forecasts in light of these negative trends, the Company has decided to anounce goodwill impairments in 2017 totaling $17.1 billion, mainly with respect to its US generics unit.
Teva President and CEO Mr. Car Schultz said: "2017 was a challenging year for Teva. In 2018 we focus on meeting our financial obligations and ensuring a stable and sustainable business model. We are progressing in the implementation of the reorganization plan, and I am optimistic about the continued implementation of the plan and believe in our ability to meet the goals set for this year.

Teva continues to be a global leader in the global healthcare industry, creating unique value through innovative and affordable medicines and treatments. Improving our financial profile by stabilizing operating profit and cash flow will enable us to continue to serve patients worldwide. "
Our revenue in 2017 was $ 22.4 billion, an increase of 2% over 2016. In local currency terms, revenue increased by 6%. The increase in revenues is mainly due to the inclusion in the year 2017 of a full year of sales of the generic business of Actebis, compared with only five months in 2016.

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