Mati Kochavi's Logic Industries will shut down at the end of 2015, and its 270 employees will be laid off in the coming months, following the completion of its main project for a country in the Persian Gulf.
The layoffs will be completed by the end of the year, and those laid off will receive increased severance pay totaling NIS 25 million.
Three months ago, Logic announced that it was reducing its work force by 50%, and laid off 250 employees. When delivery of the project is completed in the next two months, the company will lay off most of its remaining staff.
20 R&D employees developing analytical and analysis systems will be moved to a new company in the AGT group, which belongs to Mati Kochavi. Logic chairman and CEO Maj.-Gen. (res.) Amos Malka will head the new company, which will be located in AGT's offices in Herzliya. The employees transferred to the new company will develop analytical and analysis systems for civilian security.
Logic Industries is located in the Yakum industrial park. Over the past eight years, most of its activity has been in homeland security. Its main customer has been a Persian Gulf country.
Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2015
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