Koor Plans Thousands of Layoffs
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Koor Plans Thousands of Layoffs

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Rescuing the giant Histadrut-owned Koor industrial complex from bankruptcy will cost 6,000 to 7,000 jobs over the next two years, according to news reports here Sunday.

The planned layoffs reportedly are a key element of the economic and financial recovery plan Koor submitted Friday to the Finance Ministry and the Israeli banks that are its largest creditors.

But Chaim Haberfeld, head of Histadrut’s trade unions department, disputed the job loss figure. He said the number of layoffs in the first year of the recovery plan would be “closer to 2,000.”

Koor, the largest single employer in Israel and one of the country’s major exporters, estimates a loss about $140 million in 1988. But it forecasts a return to the black by 1990.

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