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Oti finishes restructuring program launched in September

Mar. 14, 2016 5:23 PM ETOn Track Innovations Ltd. (OTIVF) StockBy: Eric Jhonsa, SA News Editor3 Comments
  • More than six months after announcing a restructuring program meant to make the company's operations "more efficient and more focused" - it followed the appointment of Shlomi Cohen as CEO - On Track Innovations (OTIV +3%) says the program is finished.
  • Personnel has been reduced in "non-strategic areas" by nearly 20%, and salaries cut at Oti's HQ by 10% across the board. The company has also outsourced certain manufacturing processes.
  • Cohen: "These changes will significantly reduce our operating expenses in 2016, enhance gross margins, and make us more competitive in the marketplace." Possibly not unrelated: CFO Shay Tomer stepped down in January.

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