ECI Employees in Israel Sign Collective Agreement With Management

Workers of the Israeli branch of telecommunications equipment supplier ECI Telecom Ltd. announced Sunday the signing of the first collective agreement in the company’s history. The agreement includes increasing the components of the salary for which employees are entitled to social benefits by 20%, a one-time monetary bonus, salary adjustments, and applies to all of the company’s 650 employees in Israel. The agreement is valid for a four-year period. Founded in 1961 in Israel, ECI employed around 6,000 people worldwide and boasted a market capitalization of as much as $4 billion at its peak in the 1990s. Since then, diminishing revenues led the company to sell or spin off some of its subsidiaries, and the company currently employs about 2,000 people globally, according to Pitchbook data. Earlier this week, Calcalist reported that the company was postponing its London IPO.