Author: admin

Posted on December 24, 2025 at 8:51 am.

Written by Local 793 Staff

 

Mike Gallagher’s Christmas Message 

This year has been extremely busy, but as Christmas quickly approaches and I have time to look back, 2025 has left me with a lot to be thankful for.  

The construction of the Union’s new training centre and hub office in Oro-Medonte is ongoing and, I must say, looks fantastic. I really appreciate the hard work of all our members who have been on site. General contractor Bird now says construction is running ahead of schedule and that we could begin to move in late next summer – although work on extending the banquet hall to an appropriate size will continue after that. 

The Union also negotiated several excellent collective agreements, at both provincial and area levels. The respective negotiating committees who worked on bringing forward these great settlements have proved again that being united and informed – and being able to count on a united membership and experienced reps – is a recipe for success and has made us the envy of all other trades. 

As Business Manager, it is gratifying to see the membership being strengthened through these improved collective agreements and increased training opportunities. 

This year has also seen our pension plan perform outstandingly, while continuing to be slanted towards low-risk investments. 

It is amazing to think that when I first joined this Union in 1985 the assets of the pension fund totalled just $88 million. A decade later, when I took the reins as Business Manager at a time when the Union was flat broke, that figure stood at $600 million. As of November 2025, our pension fund has registered an estimated year-to-date return of 10% to reach an estimated total value of $4.77 billion! 

By continuously growing the membership and carefully managing our finances the members of Local 793 can look forward to the day they pull off their boots for the last time – unlike too many of our fellow Canadians. 

Beyond the Union, the world remains extremely unsettled, with violence continuing to affect many parts of the globe – from Ukraine to Gaza and Sudan to South America. 

With our American friends continuing to look inward, 2025 has been a challenging year for the Canadian economy. Although the country has stood up to tariffs and threats, industries such as steel, copper, autos and lumber have been hit hard and workers in areas such as Hamilton and Sault Ste. Marie have been hurt. 

Politicians at both the federal and provincial level have reacted aggressively to these external threats by focusing on this country’s strengths and bringing forward plans to build ports and railroads and expand mining operations. 

I strongly believe that Canada will emerge from this turmoil as a stronger country – although one less dependent on the historic relationship with the U.S. 

With so many major projects being advanced in Ontario and across the country, it is incumbent on us to ensure that the jobs being created are good Union jobs and that workers feel the full benefit of these new opportunities. 

Overall, our Union has had a good year and our country has risen to the challenge of a changing world. 

For each of you I hope the holiday season allows you the time to enjoy the company of your family and friends and the space to reflect on the good things this year has delivered. 

I wish you all good health, a peaceful Christmas and a prosperous 2026. 

In fraternity,

Mike Gallagher
Business Manager, Local 793.

• The two updates underscore Teva’s strong execution of its Pivot to Growth strategy and commitment to financial discipline.
• Moody’s affirmed Teva’s B1a rating and revised Teva’s outlook to positive from stable
• S&P upgraded Teva to BB+ from BB, with a stable outlook

TEL AVIV, Israel, Dec. 24, 2025 (GLOBE NEWSWIRE) — Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today announced that S&P Global Ratings (“S&P”) has upgraded Teva’s long-term issuer credit rating to ‘BB+’ from ‘BB’, with a stable outlook, and that Moody’s Ratings Agency (“Moody’s”) affirmed Teva’s B1a rating and revised Teva’s outlook to positive from stable. These upgrades mark another significant milestone in Teva’s journey toward achieving investment-grade status.

The upgrades are underpinned by Teva’s consistent deleveraging trajectory, with S&P noting that adjusted leverage declined to 4.4x as of September 30, 2025, and is expected to fall below 4.25x in the coming quarters, meeting the threshold for the higher rating. The ratings agency also highlighted Teva’s financial discipline, business strength and liquidity profile, returning to revenue growth after five years of declines, driven by robust performance in branded medicines and stabilization in generics.

Moody’s cited Teva’s continued improvement in operating performance and disciplined financial policies focused on debt reduction. The agency highlighted strong momentum in Teva’s branded franchises and upcoming product launches across both branded and biosimilar portfolios, which are expected to offset headwinds in the generics segment. Moody’s also noted Teva’s robust liquidity position, supporting its ability to manage upcoming debt maturities. Moody’s stated that these factors, combined with expectations for leverage to decline toward 3.5x within 12–18 months, underpin the positive outlook and potential for an upgrade.

Eli Kalif, Teva’s Chief Financial Officer, commented: “This upgrade is a powerful testament to our strategic vision and disciplined execution, especially coming at the heels of multiple upgrades in recent months. By driving our Pivot to Growth strategy, prioritizing robust cash flow management, and rigorously allocating capital, we have demonstrated unwavering commitment to deleveraging and sustainable business growth. These results clearly show how our focused strategy is delivering tangible value for Teva and positioning us for continued success.”

About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is transforming into a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, Teva’s commitment to bettering health has never wavered. From innovating in the fields of neuroscience and immunology to providing complex generic medicines, biosimilars and pharmacy brands worldwide, Teva is dedicated to addressing patients’ needs, now and in the future. At Teva, We Are All In For Better Health. To learn more about how, visit www.tevapharm.com.

Teva Cautionary Note Regarding Forward Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial guidance, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. These forward-looking statements include statements concerning our plans, strategies, objectives, future performance and financial and operating targets, and any other information that is not historical information. You can identify these forward-looking statements by the use of words such as “should,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance. Important factors that could cause or contribute to such differences include risks relating to: our ability to successfully compete in the marketplace, including: that we are substantially dependent on our generic products; our ability to develop and commercialize additional pharmaceutical products; competition for our innovative medicines; our ability to achieve expected results from investments in our product pipeline; our ability to successfully execute our Pivot to Growth strategy, including to expand our innovative and biosimilar medicines pipeline and profitably commercialize the innovative medicines and biosimilar portfolio, whether organically or through business development, to sustain and focus our portfolio of generic medicines, and to execute on our organizational transformation and to achieve expected cost savings; and the effectiveness of our patents and other measures to protect our intellectual property rights; our significant indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; our business and operations in general; compliance, regulatory and litigation matters; other financial and economic risks; and other factors discussed in this document, in our Quarterly Report on Form 10-Q for the third quarter of 2025 and in our Annual Report on Form 10-K for the year ended December 31, 2024, including in the sections captioned “Risk Factors” and “Forward-looking Statements.” Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

Teva Media Inquiries                     [email protected] 
Teva Investor Relations Inquiries  [email protected]