Magal S3 implemented a second phase of its reorganization plan, designed to enable the company to execute on its new strategic plan and cope with the global trends, specifically the European economy slowdown. Magal’s strategic intent is to expand international sensor sales and refocus on projects in preferred regions.
Magal S3 implemented a second phase of its reorganization plan, designed to enable the company to execute on its new strategic plan and cope with the global trends, specifically the European economy slowdown. Magal's strategic intent is to expand international sensor sales and refocus on projects in preferred regions.
As part of this plan, the company announced internal organizational changes, as well as a workforce reduction in Israel. Management anticipates that these changes will be reflected in Magal's financial results in the second half of 2010.
Eitan Livneh, President and CEO of Magal S3, said: "We are preparing to refocus and increase our marketing activities as part of our new strategic plan. With that, due to current global macroeconomic conditions, Magal was forced to reduce personnel in Israel in order to rationalize our operating expense and make resources available to meet new market opportunities."