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Teva cancels development plans in Northeast Philly

Teva, the Israeli pharmaceutical company, is nixing plans to build a proposed $300 million distribution center in Northeast Philadelphia. The company was to set to receive $4.7 million in grants and tax credits to aid construction.

Earlier this month, Teva, which is based in Israel and has its North American headquarters in North Wales, Pa., said it is reassessing its global network footprint as part of a plan to reduce costs by $1.5 billion to $2 billion over the next three-to-five years.Teva broke ground on the distribution project, which called for the construction of three buildings that would have employed more than 200 workers, in September 2011.

Original source: Philadelphia Business Journal
Read the full story here.
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