Camtek Ltd. (Nasdaq: CAMT; TASE:CAMT) today announced that it has implemented a cost reduction plan, which includes a 12% cut in its global workforce, amounting to 55 employees. 40 of the layoffs are in Israel.
The announcement is major blow for the north since the maker of automated optical inspection (AOI) systems for printed circuit boards and semiconductors is headquartered in Migdal Ha'Emek in the lower Galilee. 220 of the company 450 employees are in Israel.
In August, "Globes" reported that Camtek's larger Israeli rival, Yavne-based Orbotech Ltd. (Nasdaq: ORBK) also fired dozens of employees. Last month, Orbotech published a profit warning for the third quarter. Camtek will publish its financial report on November 18.
Camtek fell 1.3% in early trading on Nasdaq today, to $0.63, giving a market cap of $19 million. The share was unchanged at NIS 2.23 on the TASE today.
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2008
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