Marvell Technology Group (Nasdaq: MRVL) is firing 200 employees in Israel, 15% of its 1,300 employees in the country. The layoffs are part of the company's cutbacks to deal with competition in the global market.
Marvell Technology develops and manufactures broadband solutions for data communications and storage. The company has two centers in Israel, one in Yokne'am and the other in Kiryat Arie in Petah Tivka. The company's Israeli operations are its largest outside the US.
Marvell Israel said in response, "This step is part of the Marvell Technology Group's strategic preparations to ensure the continuity of the company's business in the long term to meet the business challenges and needs facing it in the processor market, one of the most competitive markets in the world. Out of concern for the employees whose jobs will be terminated, Marvell is instituting a comprehensive assistance program, which includes severance packages, consultancy services, and help finding a new job.
"Mavell Technology Group considers Marvell Israel as a leading development center and a key contributor to the company's success. It will continue to invest and develop activity in Israel. Marvell Israel will continue to take an important part in developing Marvell's core technologies, by applying the unique expertise and extensive intellectual property accumulated in Israel."
Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2014
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