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Nova to cut jobs by 6%

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Israel-based Nova Measuring Instruments Ltd. has announced its intention to cut 6% of its approximately 290-strong workforce, according to a story at  EETimes. The reason given for the cuts is the weakening dollar. Nova’s business dealings are mainly carried out in U.S. dollars, while the majority of its daily running costs are incurred in New Israeli Shekels. 

Poor exchange rates between the two currencies are causing Nova to cut back on staff, half of which cuts will take place in Israel, the remainder being from other company locations. The cuts are reminiscent of the 8% workforce reduction by Nova in late 2006.

By Síle Mc Mahon

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