Teva Pharmaceuticals Announces Potential Redundancies at Waterford Plant
Teva Pharmaceuticals is initiating a consultation process that could lead to redundancies at its manufacturing facility in Waterford, Ireland. The move, impacting up to 19 SIPTU members, follows changes in the company’s business needs, according to a company spokesperson.
Union Concerns and Consultation
SIPTU (Services, Industrial, Professional and Technical Union) has expressed concern over the proposed redundancies and is engaging with management to protect the jobs of its members. Neil McGowan, SIPTU Manufacturing Divisional Organiser, stated that union representatives have begun the statutory consultation period with management. “As always, SIPTU will aim to protect the jobs of our members and ensure they are adequately represented in this situation,” McGowan added. [Source: RTE]
Teva’s Waterford Operations and Financial Performance
Teva Pharmaceuticals is a significant employer in the southeast region of Ireland, with approximately 700 employees at the Waterford plant. [Source: RTE] The company manufactures a range of prescription and over-the-counter medicines.
Despite a recent 31% increase in pre-tax profits to €13.30 million for Norton (Waterford) Ltd, revenues declined by 8% to €435.81 million. [Source: RTE] Last year, the Irish arm of Teva paid out dividends of €617.9 million to its parent company, headquartered in Tel Aviv, Israel.
Previous Issues at Teva
This is not the first time Teva has faced labor disputes in Ireland. In 2019, SIPTU criticized the company for axing a 2017 bonus scheme for workers despite the Waterford plant recording substantial profits. [Source: The Irish Times] Prior to that, in 2009 and 2018, Teva implemented job cuts in Waterford and Dundalk, respectively. [Source: rednetwork.net]
Company Response
Teva confirmed the initiation of a consultation process, stating they are “engaging closely with employee representatives, and those potentially impacted, and are committed to conducting this process responsibly and transparently with our colleagues.” [Source: RTE]