Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has fired scores of employees in the past few months as part of a company-wide restructuring in response to defense spending cuts worldwide as the economic crisis bites into budgets.
Elbit Systems has fired engineers, development staff, and temporary employees, and moved employees between company divisions. More layoffs will be made in the coming months, following the cancellation or scaling back of contracts and potential projects in target markets.
Elbit Systems said in response, "Elbit Systems adjusts its manpower every year on the basis of the work plans of its various divisions. This year, the company also made structural changes to better prepare for market challenges."
Elbit Systems' share price rose 3.5% on Nasdaq yesterday to $43.65, giving a market cap of $1.87 billion, and rose 0.2% by early afternoon on the TASE today to NIS 164.40.
Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2011
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