YOKNEAM, Israel, Oct. 14 -- Lumenis Ltd. announced today it will close four of its global facilities and cut 300 jobs as part of its restructuring efforts.
The company said it will close its sites in Pleasanton, Calif.; Norwood, Mass.; Netanya, Israel; and Kristianstad, Sweden, and that its research and development operations will be consolidated into three sites. Its New York office will be reduced and relocated to a smaller office.
The 23 percent work force reduction, Lumenis said, includes 75 positions that were cut in July; a 25 percent cut in senior management positions and a decrease in its layers of management from eight to four.
Lumenis said it has reached an understanding on a new $9 million financing with Bank Hapoalim BM and is in negotiations to restructure its existing debt. The plan consists of a reorganization of the company to a more customer-focused, functional organization and a significant cost reduction program. Implementation of the plan will begin immediately and is expected to be complete in about nine months, Lumenis said.
Four geographical sales and customer service regions, including the Americas, Europe, Japan and China/Asia Pacific, have been created to handle all customer needs, the company said. Centralized global business functions will include marketing and business development, research and development, logistics, planning and resources, manufacturing, finance, human resources and legal. A new logistics, planning and resources group has been created to manage the short- and long-term planning of the company and the global supply chain, IT and logistics activities. The group will also work on improving and maintaining the reliability of supply of systems and parts to customers, Lumenis said.
Lumenis makes laser and intense-pulsed light devices for aesthetic, ophthalmic, surgical and dental applications.
For more information, visit: www.lumenis.com