SELLERSVILLE, Pa. (AP) — Teva Pharmaceuticals Industries Ltd. says it will close an eastern Pennsylvania plant that employs nearly 500 people.

Teva told shareholders Thursday that its plant in Sellersville, Bucks County, will cease operations in 2017. The plant has 472 employees.

The Israeli drugmaker’s U.S. headquarters is in North Wales, Montgomery County.

Teva said last year it wanted to cut costs by around $2 billion over five years. The drugmaker had previously halted plans to build a $300 million distribution center in Northeast Philadelphia, a project that was to bring 400 jobs to the area.