Alvarion to fire dozens after Wavion acquisition

WiFi applications developers Wavion had 70 employees before its takeover by Alvarion was completed last week.

Alvarion Ltd. (Nasdaq: ALVR; TASE: ALVR) will reportedly fire dozens of employees a week after the closing of its acquisition of Wavion Ltd. for $30 million. Alvarion has been trying to expand its business beyond WiMAX wireless broadband solutions, which have failed to take off, and Wavion gives it WiFi applications. Wavion had 70 employees before its takeover.

Alvarion has already fired large number of employees in recent years, and had 600 employees at the beginning of 2011. The company's share price has fallen 6% since the beginning of the year, to close at $0.84 on Nasdaq on Friday, giving a market cap of $52 million, and fell 3% by early afternoon on the TASE today to NIS 3.14.

Published by Globes [online], Israel business news - - on November 27, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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