Following a global trend to try and cut costs and not lay anyone off, Israeli cutting tool maker Iscar has announced that it too will switch to a 4 day work week. The move comes as orders have slowed down, especially from the US auto industry.
According to Globes: “Iscar, which manufactures cutting tools for the vehicle and aviation industries, is taking a range of cost-cutting measures to cope with the plunge in orders from customers, especially US carmakers. Iscar chairman Eitan Wertheimer told “Globes”, “If we have no alternative, we’ll lay off people, but our goal is to avoid this and to adjust sales to the long term. This crisis is going to be tough.”
In the past Warren Buffett has spoken about how well the Iscar investment has done. It looks like even the best investments can’t withstand the global rout.
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