Teva Pharma Announces Layoffs, Suspends Dividend To Tackle Debt

Teva Pharmaceutical (TEVA) surged early Thursday after announcing it would slash its workforce by more than a quarter, close several manufacturing facilities and suspend its dividends on ordinary shares.

X Teva expects to eliminate a total of 14,000 positions worldwide, more than 25% of its workforce, over the next two years. The majority of the reductions are expected to occur in 2018. Most of the affected employees will be notified within the next 90 days.

The restructuring plan comes as...

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