- 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.