ESC Medical's Board Approves Restructuring Plan

YOKNEAM, Israel, Sept. 24 -- ESC Medical Systems Ltd. announced that its board of directors has approved a comprehensive restructuring program. The company plans to align its cost structure with its revenue capabilities while capitalizing on the market potential of its laser-based medical products, including those products in various stages of development and regulatory approval.
The restructuring plan was developed by a senior management team working together with the consulting firm of McKinsey & Co. The bulk of the plan is scheduled to be implemented by the close of the first quarter ending March 31, 2000. The program calls for ESC Medical Systems to work to reduce fixed and variable costs, reorganize its internal reporting structure, and eliminate employees in selected departments.