Oil Refineries Ltd. (TASE:ORL) today announced that it was expanding and deepening its streamlining, efficiency, and saving measures begun in 2012. As part of the measures, Oil Refineries chairman Akiva Mozes, the vice chairman, directors, and other members of management, announced that they will take a 10% pay cut.
Oil Refineries will also execute a consensual early retirement plan for scores of employees in cooperation with the workers committee.
Oil Refineries said that it was constantly reviewing areas where it can implement additional streamlining measures.
Oil Refineries CEO Pinhas Buchris said, "Following the measures we've taken to reduce the company's financial leverage and improve its results, we have decided to take additional measures to improve the company's financial structure and make Oil Refineries a more efficient company. In addition to the pay cut for directors and executives and the early retirement of employees, we are acting to cut the company's costs in every area of business. In 2012 we also worked hard on the company's investment plan and we believe that, alongside the streamlining plan, which will make an immediate contribution, we will begin seeing the results of the investment plan and its contribution in the next quarter."
Oil Refineries is controlled by Israel Corporation (TASE: ILCO) and Israel Petrochemical Enterprises Ltd. (TASE:PTCH). The company narrowed its third quarter 2012 net loss to $21 million from $38 million for the corresponding quarter of 2011.
Published by Globes [online], Israel business news - www.globes-online.com - on January 1, 2013
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