Business in Brief: December 7

Elbit Systems fires dozens of employees; Dankner announces bond buyback.

By GLOBES / YOSSI NISSAN, ADI BEN-ISRAEL
December 7, 2011 00:31
1 minute read.
Elbit Systems

Elbit Systems logo USE THIS. (photo credit: Courtesy)

 
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Elbit Systems fires dozens of employees

Elbit Systems has fired scores of employees over 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, people familiar with the matter said Tuesday. Elbit Systems has fired engineers, development staff and temporary employees and transferred staff among various divisions. More layoffs will be made in the coming months, following the cancellation or scaling back of contracts and potential projects in target markets.

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“Elbit Systems adjusts its manpower every year on the basis of the work plans of its various divisions,” Elbit Systems said in a statement. “This year the company also made structural changes to better prepare for market challenges.”

Dankner announces bond buyback

IDB Holding Corp. Ltd., controlled by chairman Nochi Dankner, announced Tuesday its subsidiaries will buy back bonds totalling NIS 920 million. IDB Development and Clal Industries and Investments Ltd. will each buy back NIS 150m. in bonds, Discount Investment Corporation will buy back NIS 250m., and its subsidiaries Koor Industries Ltd. and Property and Building Ltd. will buy back NIS 250m. and NIS 120m., respectively.

IDB Development has already launched the buyback.

Its TASE-traded bonds rose by up to 4.6 percent by midday, reversing a prolonged slide in the bond prices, which sent their yields up to 17%. Discount Investment has also begun the buybacks, including NIS 19m. worth of its No. 9 Bond series. Koor is buying back bonds in its 8, 9, and 10 series.

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