RiT Technologies Plans To Reduce Global Workforce By 10% To 15% - Quick Facts

(RTTNews) - RiT Technologies Ltd. (RITT) announced Monday that it plans to reduce operating expenses by more than 25% in 2014. As part of this plan, RiT will focus its efforts on maintaining its 2014 sales targets while implementing cost efficiencies in its purchasing and logistics, reducing its R&D development costs as well as reducing its global workforce by 10% to 15%.

"Although the decision to reduce our workforce was difficult, we are confident it is in the best interest of all stakeholders," said Vadim Leiderman, RiT's President and CEO.

Vadim Leiderman said, "As we continue to execute our long-term growth strategy to introduce new products, penetrate new markets and expand our addressable market, we have successfully expanded our distribution network. The increase in the number of our distribution partners who have integrated our IIM and DCIM solutions into their product offering will allow us to realize efficiencies that should result in margin expansion over the long-term."