Israel's powerful Histadrut trade union said Ben Gurion airport will shut for four hours Sunday as part of a nationwide strike over plans by pharmaceutical giant Teva to shed employees.
The main road into the capital was temporarily blocked by protesters, but was soon reopened. Demonstrators blocked traffic at the entrance to Jerusalem outside the prime minister's office as the Cabinet was convening, and at the entrance to the Teva plant.
President and CEO Kare Schultz said in a letter, "The plan will address a number of key areas, including the closure or divestment of a significant number of R&D facilities, headquarters, and office locations across all geographies". Last week, the chairman of Israel's Securities Authority said it will not allow companies whose value is dependent on the bitcoin to be included in the indices of the Tel Aviv Stock exchange. It started as an Israeli company and we want it to remain as an Israeli company.More news: Palestinian billionaire Sabih al-Masri detained in Saudi Arabia
The world's largest generic drugmaker, and Israel's largest company, announced Thursday that it would slash 14,000 jobs worldwide, including at least 1,700 in Israel.
Nissenkorn said Saturday evening the strike is meant to send a "clear message" the union would not accept the layoffs of Israeli workers.
A Teva Pharmaceutical Industries building in Kiryat Shmona, northern Israel, December 14, 2017.More news: Taking a Look at the Data Behind CSX Corporation (CSX)
Reuters reports that Teva needed to make a change in order to stay afloat, as it was saddled with about $35 billion of debt after acquiring Allergan's Actavis generic drug business for $40.5 billion.
Teva is expected to provide its 2018 outlook in February, and will give a longer-term strategic plan for the company later that year.
According to Histadrut, Teva has received $6.2 billion in tax reductions since 2006.More news: Nextera Energy Incorporated (NYSE:NEE) Stock Is Shorted More