ECI Telecom Ltd. today announced that it is firing 50 employees in Israel and 50 more overseas. The layoffs are part of the company's strategic business development plan and effort to adapt to the global crisis.
In addition, ECI has cut the salaries of employees who earn more than NIS 10,000 per month by 6%. It is also sending employees on one unpaid vacation day per month for the rest of the year.
ECI had a good year in 2008, with higher revenue compared with 2007, as well as more orders and a 60% increase in its orders backlog at the end of 2008 compared with a year earlier. The company also increased its R&D spending by 15% and hired 160 employees last year. ECI expects to continue hiring R&D staff over the year.
ECI said that its management was cautiously monitoring developments in the global crisis and its effect on the company's areas of business, with a special focus on its customers.
Published by Globes [online], Israel business news - www.globes-online.com - on April 19, 2009
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