Wireless broadband solutions company Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) has announced that it is streamlining operations and implementing pay cuts and layoffs.
Alvarion gave few details about these measures, simply saying, "The company will also reduce expenses including a global wage reduction for all employees, along with adjustments to headcount." However, it is believed that the company will fire 60 employees, 17% of its workforce. The latest cuts will leave the troubled company with just 300 employees, down from over 1,000 in 2007.
Alvarion CEO and president Hezi Lapid said, “We believe that the new initiatives will enable the company to move towards stability, while we continue to invest in its growth engines, and develop new product innovations. We believe that the new organizational structure will be managed effectively and profitably to serve the needs of our customers.”
The company's share price rose 2.84% on the TASE this morning to NIS 1.92.
Published by Globes [online], Israel business news - www.globes-online.com - on June 6, 2012
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