Sources inform ''Globes'' that Orbotech Ltd. (Nasdaq: ORBK) today fired nearly 60 employees.
Last November, Orbotech fired 300 employees, including 100 in Israel, in an effort to cope with the plunge in its business. The company had 2,000 employees before that wave of layoffs, following a large acquisition.
Orbotech manufactures automated optical inspection equipment for the semiconductor and electronics industries, and is dependent on manufacturers' plans to build new plants or expand existing ones. Like many vendors of production equipment, Orbotech has been troubled in the past six months. Thanks to its acquisition, the company was able to boost its fourth quarter revenue to $129.2 million from $103.6 million for the corresponding quarter of 2007, but it also reported a net loss.
Orbotech's share closed at $4.14 on Friday, giving a market cap of $140 million.
Orbotech confirmed the layoffs, but declined to comment on the number. "This is another step in the streamlining plan, which we already announced together with the last financial report," said the company.
Published by Globes [online], Israel business news - www.globes-online.com - on March 16, 2009
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