Israel-based ECI Telecom, according to a Globes report, is going to lay off about 100-150 more employees in the latest move in its restructuring process.
Coming at a time when the vendor expected its revenues to rise 24 percent in 2011, the report cited various sources that revealed the latest job cuts will take place after the Jewish holidays end.
Since being acquired by the Swarth Group in 2007, ECI has cut over 2,300 employees under a restructuring plan. Like its other telecom vendor competitors, ECI has struggled to maintain profitability during a challenging economic time. In 2009 and in 2010, ECI reported $600-$700 million in sales.
The job cuts come at a time when ECI's top management has been in flux. CEO Rafi Maor took over as the company's chairman of the board from Shaul Shani and Giora Bitan was reappointed as the company's CFO. Shimon Bart took over the president and CEO spot from Maor.
At this point, ECI is being tightlipped about any job cuts. "As part of the company's preparations for the challenges facing it in 2012 and afterwards, and in order to maintain the annual growth rate forecast for 2011, the company's management is considering how to exercise its internal work plan, which will be the company's future growth engine," a spokesman said.
- Globes has this article
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