Teva said this step is designed to further improve efficiencies, supply chain management and competitive positioning following the company’s $7.4 billion acquisition of Ivax in January 2006.
Through this action Teva expects to achieve an estimated $45 million in cost savings in 2007.
The former Ivax facility at Cidra has approximately 550 employees and originally manufactured 50 products. The majority of these products have already been successfully transferred to other manufacturing facilities around the world.
Teva said that it will work closely with employees and local authorities to ensure as seamless a transition as possible and to offer financial and placement assistance to those staff affected by the closure.
Teva also pointed out that its active pharmaceutical ingredients manufacturing facility in Puerto Rico will not be affected by the closure.