The Jerusalem PostEconomy
Tidhar Group to Cut 50 Jobs Four Months After IPO
Summarized from The Jerusalem Post by baba
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Tidhar Group is laying off approximately 50 employees, about 5% of its workforce, just four months after its IPO. The restructuring aims to save NIS 30 million annually by improving efficiency, merging divisions, and reducing management layers. This move follows a NIS 1.7 billion IPO in June and a subsequent 5% drop in share price, occurring amid a construction market slowdown and investor pressure. CEO Uri Levin called the decision difficult but necessary for strategic goals.
The story in 5 lines · by baba
- Tidhar Group will lay off about 50 employees, or 5% of its workforce, four months after its IPO.
- The restructuring aims to save the company NIS 30 million annually through efficiency measures.
- The company raised NIS 1.7 billion in its IPO in early June and its shares have since declined 5%.
- The layoffs are part of a broader plan to merge divisions and reduce management layers.
- The move occurs amid a construction market slowdown and pressure from institutional investors.
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