Management is to accept a pay cut and staff will be sent on leave for a week.
IDB Holding Corp. Ltd. (TASE:IDBH) subsidiary Hadera Paper Ltd. (AMEX: AIP; TASE: AIP) is the latest company to feel the effects of the economic crisis. Sources inform ''Globes'' that the company is to shut down its packaging materials production line for a week and send all the staff on leave. The decision was made following a drop in orders, although company managers made it clear that the fall affected exports only, with the local market accounting for most of the group's business.
Hadera Paper also said company CEO Avi Brener would be accepting a 10% pay cut in 2009, with 100 other managers in the group taking pay cuts of 5-8%.
Hadera Paper's share closed unchanged at $38.80 on Friday on Wall Street, giving the company a market cap of $196.3 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2008
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