Sources inform ''Globes'' that WiMAX solutions developer Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) will shortly fire 20-25 employees in Israel.
Alvarion is due to get a new CEO shortly, following the resignation of Tzikva Freidman,who will be replaced by former NICE executive Eran Gorev.
In the past year Alvarion has let go of about 160 employees in the course of two rounds, in December and in April. The first set of cuts also included salary cuts for managers, with the goal of reducing operating expenses, which also lowers the revenue needed to post an operating profit.
The second wave of job cuts followed the collapse of Canadian communications equipment maker Nortel, with whom Alvarion had a strategic agreement which included an investment by Nortel in Alvarion. Most of Alvarion's employees are in Israel, at the company's headquarters in Tel Aviv, and most of the layoffs were in Israel.
Alvarion will report third quarter financial results on November 4.
Alvarion's share closed at $4.40 on Nasdaq yesterday, giving a market cap of $273 million. The share was unchanged at the opening on the TASE today at NIS 16.39.
Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2009
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