Teva announces Canadian plant expansion

Generic drugmaker Teva Pharmaceutical Industries Ltd. said Thursday that it will spend $56 million to expand a Canadian production plant.

The Israeli company, which has its U.S. headquarters in North Wales, Montgomery County, said the province of Ontario will provide a $6.5 million grant to Teva Canada to keep 182 high-skilled workers and hire 20 new employees. The plant is in Stouffville, Ontario.

Teva Pharmaceutical employs 35,000 people worldwide.

Company shares rose 61 cents to $54.91 in Thursday morning trading.