Israel Chemicals announced a labor downsizing of 130 workers on Tuesday in what was seen as a move to calm analysts, according to Globes.
The “emergency plan” for Rotem Amfert Negev, its phosphates division, was disclosed just a day before Israel Chemicals was set to publish its financial report for the third quarter of this year, which will, for the first time, report losses at Rotem Amfert.
“The company will offer veteran employees who take early retirement improved severance terms that are among the best in the economy, and which will include a fixed monthly payment in addition to compensation and special bonuses,” said Rotem Amfert.
However, the company has set a target for retiring 100-130 employees, “either voluntarily or through compulsion.”
Israel Chemicals says that Rotem Amfert has performed poorly because its production costs are higher than almost all of its competitors.