Tidhar Group Restructures, Plans 30 Layoffs and NIS 30 Million Annual Savings
Translated & summarized from i24NEWS by baba
Tidhar Group is undergoing a major restructuring that will result in the layoff of 30 employees from its 1,100-person workforce. The company expects the reorganization, which includes merging divisions and reducing management levels, to save approximately NIS 30 million annually. Tidhar stated the changes are aimed at improving efficiency and synergy across its operations. The company cautioned that the savings are an estimate and may be affected by external factors.
The story in 5 lines · by baba
- Tidhar Group is laying off 30 employees as part of a major organizational restructuring.
- The company expects the restructuring to generate annual savings of approximately NIS 30 million.
- The layoffs affect about 30 of Tidhar Group's 1,100 employees, including senior staff.
- The restructuring involves merging divisions and reducing management tiers to improve efficiency.
- Tidhar Group cautioned that savings are an estimate and subject to market conditions.
Tidhar Group announced on Monday a significant organizational restructuring of its headquarters, involving the consolidation of units, reduction of management tiers, and adjustments to its corporate structure. As part of this process, approximately 30 employees out of the company's total workforce of 1,100 are expected to be laid off, including individuals in senior positions. The company stated in a report to the stock exchange that the move aligns with Tidhar's strategy and business plans, aiming to enhance the group's operational efficiency.
Key changes include merging the management and planning division into the entrepreneurship division, consolidating various units, and implementing further structural adjustments within the headquarters. Tidhar indicated these steps are designed to streamline work processes, reduce redundancies and personnel, strengthen control over the value chain, and foster synergy among its diverse business activities.
The company estimates that the full implementation of the restructuring will result in annual savings of approximately NIS 30 million in expenses. Tidhar cautioned that this savings projection is forward-looking information and that there is no certainty the savings will be fully realized or meet current estimates. Factors such as changes in assumptions, market conditions, and external elements beyond the company's control could influence the actual outcome.
The report was signed by Group CEO Uri Levin and Chief. Hila Shapilman Neuwirth.
