Teva invests £37 million to expand Ontario production plant

The world's largest generic pharmaceutical company is investing £37 million to expand its Stouffville, Ontario production plant.

“We are pleased that the Premier's trade mission to Israel and The West Bank has helped land a significant investment in Teva's Stouffville operations, adding a significant footprint and creating high-skilled jobs”

Ontario is providing a £4.25-million grant to Teva Canada, which will retain 182 high-skilled workers and hire 20 new employees. More than half of the drugs produced by Teva in Canada are exported.

The partnership was announced on the same day Ontario Premier Dalton McGuinty, and other members of the Ontario delegation, met with scientists at Israel's Weizmann Institute of Science to explore opportunities for new partnerships and investment. The institute is one of the world's foremost research institutions and is recognized for its work on finding new ways to fight hunger and disease, math and computer science research, and pure physics.

"Teva Pharmaceuticals is a perfect example of the kind of partner we're looking for in Israel. This is a country where scientists and academic leaders have figured out how to turn today's ideas into tomorrow's new investments. We're here to learn and promote the benefits of doing business with Ontario's life sciences companies," said McGuinty.

"We are pleased that the Premier's trade mission to Israel and The West Bank has helped land a significant investment in Teva's Stouffville operations, adding a significant footprint and creating high-skilled jobs," said Sandra Pupatello, Ontario Minister of Economic Development & Trade.

"Teva's High Potent Product Manufacturing Facility Expansion in Stouffville, Ontario will enable us to secure Canadian and export mandates for high-quality, value-priced generic medicines. This partnership with the Ontario Government to construct an advanced manufacturing facility will increase Teva Canada's capabilities and capacity and allow us to retain and grow high-value jobs in Ontario," said Barry Fishman, President and CEO of Teva Canada Limited.

SOURCE Teva Pharmaceutical Industries Limited