Teva ends production at Cidra plant as part of global rationalization strategy

By Jennifer Chiou

New York, Aug. 23 - Teva Pharmaceutical Industries Ltd. said it will cease production at its manufacturing facility in Cidra, Puerto Rico, during the fourth quarter as part of its global rationalization strategy.

The agency said the estimated $45 million in cost savings is designed to further improve efficiencies, supply chain management and competitive positioning following the acquisition of Ivax in January 2006.

Teva noted that the former Ivax facility at Cidra has about 550 employees and originally manufactured 50 products.

The company added that API manufacturing facility in Puerto Rico is not affected by the closure.

Teva is a generic pharmaceutical company based in Jerusalem, Israel.

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