BRIEF: More high-tech cutbacks: Orbotech to lay off 100
Oct 29, 2012 (Menafn - Globes - McClatchy-Tribune Information Services via COMTEX) --Sources inform "Globes" that Orbotech Ltd. ORBK plans to fire 100 employees, including 30 employees in Israel (5 percent of its workforce in the country). The company has 1,700 employees worldwide, including 600 in Israel. Most of the layoffs in other countries will be in China and South Korea.
"This measure is necessary to adjust the company's expenses to its revenue, and to keep its leadership," Orbotech CFO Doron Abramovitch said.
Orbotech manufactures automated optical inspection systems for printed circuit boards and flat panel displays. Earlier this month, it cut its full-year guidance for 2012 for the second time. It predicts 400 million revenue this year, 29.2 percent less than in 2011.
Last month, Orbotech announced changes in its executive management. President and CEO Rani Cohen will step down after seven years, and will be succeeded by president global business Asher Levy. COO Amichai Steinberg will be appointed president.
Orbotech will publish its financial report for the third quarter of 2012 on November 6.
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