315 jobs to go at Teva in Waterford

Teva Pharmaceuticals has announced 315 jobs are to go at its plant in Waterford.

More than 300 jobs are being cut at a multinational pharmaceutical plant in the south-east, the latest massive jobs blow for the region.

Teva Pharmaceuticals in Waterford, one of the sector’s top 20 firms, called employees into a meeting at its manufacturing plant this morning to announce the lay-offs.

It is understood 315 out of the 730 strong workforce are being let go.

The devastating losses compound the unemployment crisis in the region after hundreds of lay-offs at Waterford Crystal, electronic components firm ABB Transformers and contact lens maker Bausch & Lombe.

Teva, formerly known as IVAX, makes inhalers and tablets and is among the top 20 pharmaceutical companies and one of the largest generic pharmaceutical companies in the world.

It had sales of $11bn (€7.7bn) last year.

The IDA-backed Waterford plant has three production plants and a research and development lab.

Last March Teva appeared to demonstrate massive commitment to its Irish operation with a €65m investment.

Local Fine Gael TD John Deasy called on IDA and Enterprise Ireland to give advice and support to save businesses and jobs at risk in the region.

He added: “Our Government representatives need to stem the momentum of decline that seems to be gripping Waterford city.”