Atlantium Technologies Ltd. has cut 15 jobs from all departments, leaving the company with 55 employees. CEO Ilan Wilf said, "The company continues to march forward and has made significant achievements, but it must adapt to the challenges of the times so that we can deal with the business environment." He predicts that there will be no more layoffs.
Atlantium's board also decided on a series of cost-cutting measures, including cuts in salaries and benefits. Wilf added, "We built a very focused plan, and it was important that the layoffs were a one-off event."
Based at the Har Tuv industrial zone near Beit Shemesh, Atlantium has developed a proprietary water treatment technology that combines ultraviolet disinfection with advanced hydraulic and fiber-optic principles.
Altantium was founded in 2003, and has a few million dollars in annual sales. It has doubled its sales each year since 2006. Morris Kahn's Aurum Venture MKI owns 49% of the company and Nochi Dankner's IDB Holding Corp. Ltd. (TASE:IDBH) unit Elron Electronic Industries Ltd. (Nasdaq: ELRN; TASE: ELRN) owns 30%. Aurum's Benjamin Kahn, a recipient of Time magazine's Hero of the Environment in 2007, serves as Atlantium's chairman.
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2008
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