The wave of layoffs in high tech is picking up strength. Last week, 3M Company subsidiary (NYSE: MMM) 3M Attenti Ltd., formerly Dmatek, announced that it was firing a quarter of its workforce, and held hearings for 40 employees on Thursday. The company previously fired ten employees.
3M Attenti, based on Ramat Hahayal in Tel Aviv, develops electronic control and monitoring equipment, including electronic handcuffs. The company lost several large contracts in recent months.
In late 2008, Dmatek was acquired by a group of investors for £52.9 million ($77.6 million) in cash, and was sold to 3M for $230 million two years later. It was one of the first Israeli companies to list on the London’s Alternative Investment Market (AIM) before switching to the London Stock Exchange's main market.
Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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