JERUSALEM, Dec 13 (Reuters) - Israel-based Teva Pharmaceutical Industries said on Thursday it was moving its headquarters to Tel Aviv as part of a global restructuring.
Teva, the world's largest generic drugmaker, said its new base will replace a number of sites located in the area of Petah Tikva, a city just outside of Tel Aviv -- Israel's commercial capital.
The move, it said, "will be an efficient and cost effective solution, generating significant savings from a business and operations point of view."
Teva has been restructuring itself over the past year to deal with its massive debt, including lay-offs, site closings and the combining of divisions.
It expects to move into the new headquarters in mid-2020. (Reporting by Ari Rabinovitch Editing by Steven Scheer)