All 71 employees of the medical device development company have been fired.
Stryker Corp. is closing down its Israel operations. Endoscopic solution developer Stryker Israel, formerly known as SightLine Technologies, is firing all 71 employees. A statement issued by Stryker in the US said "Problems in product design alongside the economic crisis have contributed to this decision."
Stryker Israel has not succeeded in developing its flagship colonoscopy product to a commercial level. In better economic times the US corporation, which acquired SightLine in 2006 for $150 million, might have considered investing additional capital in the project. Forty five employees developing the colonoscopy project will lose their jobs, while an additional 26 employees working on gastroenterology projects, which is also being closed down, will also be fired.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2008
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