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Lingerie maker Tefron to cut workforce by 15%
03
Mar '09
Tefron Ltd, a leading producer of seamless intimate apparel and engineered-for-performance (EFPTM) active wear, today announced that in terms of its work plan for 2009 and as a result of the slowdown in global economy, the Company's Board of Directors has approved a streamlining process across all areas of activity. The elements of the plan are as follows:

• Optimizing and combining production processes, including combining production sites in Jordan, increasing the efficiency of the knitting process, reducing manufacturing costs, including a headcount reduction at the Company of around 15%.

• Expansion of marketing activities in Europe.

• Marketing to local customers as well as opening a factory store for selling surplus in Israel, as part of the strategy to deal with surplus inventory.

The Company expects that these steps will reduce the effects of the global economic situation on operations, as well allowing the matching of the Company's resources to the anticipated level of activities in the coming year. This, all the while maintaining Tefron's competitive advantages and profitability once the global economic situation improves.

Tefron Ltd

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