There has been progress in the talks between Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) management and the workers committee on streamlining the Aviation Group. Sources inform "globes" that IAI chairman Harel Locker and workers committee secretary general Yair Katz have agreed that the layoffs will become a voluntary retirement program. No numbers have been disclosed. RELATED ARTICLES Israel Aerospace to lay off 900, as CEO quits IAI, Singapore Technologies form naval missile systems JV IAI to convert Boeing 767-300s to cargo planes for DHL IAI adds Iron Drone intercepting drones to Drone Guard The IAI board of directors reportedly decided at the end of June to lay off 900 of the Aviation Group's 5,000 employees. The Group, which focuses on civil aviation projects, is considered IAI's least profitable division and the layoffs are on the assumption that the civil aviation sector will enter recession aft5er being hit hard by the Covid-19 pandemic. IAI said, "There is no change since the company's announcement on July 1 that the board of directors has instructed management to prepare a streamline plan for the Aviation Group. We do not conduct our labor relations with the workers committee in the media." Published by Globes, Israel business news - en.globes.co.il - on July 28, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
