Airport, ministries, companies reopen after Teva 'solidarity' strike

Teva Pharm to lay off a quarter of workforce, suspends dividend

Teva Pharmaceutical to lay off 14000 globally

Banks, the Tel Aviv Stock Exchange, post offices, government offices, the Knesset, ports, airports, insurance companies, the courts, banks, post offices, phone companies, Israel Electric Corporation, health services, universities, local municipalities and regional councils were all closed on Sunday morning, along with Teva facilities across the country.

The protests of Teva's employees are also taking place at Ashdod, Kfar Saba and Netanya.

The strike - the largest labor action to hit the country in several years - closed down down almost all parts of the public sector from 8 midday.

Teva will make 1,750 employees redundant in Israel as part of plans to slash 14,000 jobs globally over two years, according to Histadrut head Avi Nissenkorn. In addition to the layoffs, Teva plans to suspend its dividend on ordinary shares. Service started up again at the airport at noon, with flights expected to resume around 2:30 p.m.

Trains and buses were initially supposed to strike as well, but the Histadrut allowed public transit to operate so that soldiers could get back to their bases as usual. Some beat drums and carried placards blaming Teva's management for the crisis.

Schultz sent Netanyahu a letter last week apologizing for the layoffs but said the company had no choice.

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Prime Minister Biyamin Netanyahu and Finance Minister Moshe Kahlon will meet with Teva CEO Kare Schultz when he arrives in Israel.

"We need to do everything possible to prevent the closure of plants in Jerusalem", Netanyahu said at the outset of a cabinet meeting, adding Teva should remain based in Israel.

"Thousands of workers are losing their jobs because of a clear managerial failure", Gabai said on Saturday. Yisrael Hayom, quoting government officials, said that the two plan to ask Schultz to fire fewer people in Israel and more overseas. "We will use various means at our disposal to try and achieve these goals".

The company has been hit hard by the expiration of patents on its blockbuster drug, Copaxone, price pressure on its core business of generic drugs and a $35 billion debt load from its purchase of the generics business of Allergan.

Teva expects to save $3 billion by the end of 2019 with the two-year restructuring plan.

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