Possible foreign buyout of NJ company worries some
Many in New Jersey worry the possible sale of a Montvale-based pharmaceutical company is just the latest example of the sagging economy hitting close to home.
A deal is in the works for Israeli-based Teva, a large rival generic drug maker, to purchase Barr Pharmaceuticals, according to an Israeli newspaper. The deal could be worth as much as $5 billion.
Some are concerned it is part of the larger trend of U.S. companies being taken over by overseas firms. Anheuser-Busch was purchased by Belgian company InBev last week.
Jim and Mary McCusker, of Suffern, N.Y., say they?re concerned about their jobs in light of the Teva takeover rumors.
"Is this going to stay here?? Jim McCusker wonders about the plant. ?Are they going to move the operation? How many people does that affect?"
Barr Pharmaceuticals spokeswoman Carol Cox told News 12 New Jersey that the 500 New Jersey-based employees should take the news in stride.
?We've bought some companies. We've not bought some companies, so to me it?s sort of business as usual and we'd just like to encourage the employees to focus on that,? Cox says.
The numbers don?t paint a great picture though. More than 4,000 New Jersey residents lost their jobs in June. According to Rutgers University, the state is six months into a recession.