Tadhar Group restructures: 30 employees to be laid off, expected annual savings of about 30 million shekels
Tadhar Group announced to the stock exchange a restructuring move at the company's headquarters: the management and planning division will be merged into the development division, units will be consolidated and management levels reduced. 30 employees out of about 1,100 will end their employment, among them senior staff. The company estimates annual savings of about 30 million shekels.
Tadhar Group announced today (Monday) a restructuring move at the company's headquarters, including consolidation of units, reduction of management levels and adjustment of the organizational structure. As part of the move, 30 employees out of about 1,100 company employees are expected to end their employment, among them employees at senior ranks. In the report the company submitted to the stock exchange it was written that the move is being carried out in accordance with Tadhar's strategy and business plans, and in order to streamline the group's activity. The management and planning division will be merged into the development division, various units will be consolidated and further adjustments will be made in the organizational structure of the company's headquarters. According to Tadhar, the steps are meant "to streamline work processes, reduce duplications and manpower, strengthen control over the value chain and strengthen the synergy between the group's various areas of activity." The company estimates that full implementation of the restructuring move will bring annual savings of about 30 million shekels in its expenses. At Tadhar it was emphasized that the savings estimate is forward-looking information, and that there is no certainty the savings will materialize in full or in accordance with current estimates, among other things due to changes in work assumptions, market conditions and external factors beyond its control. The report was signed by the group's CEO Uri Levin and the chief legal advisor Adv. Hila Shpilman Neuberg.