Israel Electricity Corp. froze recent unilateral actions.
The Israel Electric Corporation (IEC) (TASE: ELEC.B22) national workers committee today called off its labor sanctions after chairman David Zarfati reached a deal with IEC CEO Amos Lasker to resume talks on implementation of the company's restructuring plan. IEC's management announced that it has suspended all unilateral measures undertaken to implement the plan.
IEC management and workers committee's negotiating teams are due to hold their first meeting today.
IEC's management told the workers committee that, as a goodwill measure, it would not take action against the strikers or dock their salaries.
IEC's restructuring plan includes the retirement of 2,500 employees over the next three years, which will save the company NIS 500-700 million a year.
Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2008
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