Teva Pharmaceutical Industries Ltd. is eliminating 14,000 positions globally — more that 25 percent of its total work force — over the next two years as part of a major restructuring plan designed to save the company $3 billion by the end of 2019.

The restructuring plan will also include the closure or divestment of a “significant number” of R&D facilities, headquarters and other Teva office locations across around the world, writes John George in the Philadelphia Business Journal.

[uam_ad id=”54865″]

Based in Israel, Teva currently has its North American headquarters in North Wales, Pa. Teva (NYSE: TEVA) has about 56,000 employees worldwide including about 2,000 people in North Wales, West Chester and Frazer, Pa.

Kaelan Hollon, Teva’s senior director of communications, said over the next 12 to 24 months the company plans to consolidate its offices in the United States from seven locations into one main campus — the location of which is to be determined.

“We have already closed our office in Cambridge, Mass., and are in the process of closing our offices in Washington, D.C., Horsham, Pa, and Manhattan, N.Y.,” Hollon said. “All streamlining efforts will be consistent with applicable local requirements. Consultations with the relevant union representatives will begin in the near term.”

When asked if Teva could move its North American headquarters out of North Wales, Hollon said, “Those decisions are still being made.”

Teva has been saddled with high debt following several major acquisitions including its $40 billion purchase of Allergan’s generic pharmaceuticals business last year.

 “We are launching a comprehensive restructuring plan, crucial to restoring our financial security and stabilizing our business,”said Kare Schultz, Tera’s president and CEO, in a prepared statement. “We are taking immediate and decisive actions to reduce our cost base across our global business and become a more efficient and profitable company.”

To read the complete story click here.

[uam_ad id=”54875″]