Teva Pharmaceutical Industries Inc. announced Wednesday that it will stop production at its Cidra, Puerto Rico plant in the fourth quarter of 2006. The closure is part of its global rationalization strategy, designed to improve efficiencies, supply chain management and competitive positioning. Teva expects to save $45 million in 2007 as a result.
The Cidra facility has 550 employees and manufactured 50 products. Most of those products have been already been moved to other facilities. Teva will work with employees and authorities to provide financial and placement assistance to its employees. The company’s API facility, also in Puerto Rico, will not be affected.
