Gilat Puts In Place Corporate Restructuring Plan
By Staff Writer | July 2, 2003
Israel-based Gilat Satellite Networks [Nasdaq: GILTF] has put in place a financial restructuring program aimed at increasing efficiency and cutting corporate expenses. The program includes a variety of measures, including organizational and structural changes and office consolidation leading to increased efficiency, and a reduction in the worldwide workforce to cut the company’s labor costs significantly.
The company said the measures included in this program, together with those already taken in the past, culminating with the successful conclusion of the company’s financial restructuring plan in April, will lead to reduced costs, improved margins and profitability and position Gilat for growth in the future.