TEVA TO CLOSE FORMER IVAX PLANT IN PUERTO RICO

Israeli drugmaker Teva Pharmaceutical Industries has announced that it will cease production at its manufacturing facility in Cidra, Puerto Rico, during the fourth quarter of 2006. This move is part of the changes being implemented following the acquisition of Ivax in January.

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. Teva said it would achieve an estimated $45 million in cost savings in 2007 by closing the plant. The company's active-ingredient manufacturing facility in Puerto Rico is not affected by the closure.

Teva is among the top 20 pharmaceutical companies in the world and is the leading generic drugmaker. Over 80 percent of the company's sales are in North America and Europe.