Flextronics obtains insurance for ECI contract, Globes reports

theflyonthewall.com

Electronics component maker Flextronics (FLEX) will get insurance for its $85M contract with Israeli telecom equipment maker ECI, according to Globes. Flextronics had warned that it would have to lay off 600 workers in southern Israel if it didn't obtain the insurance or $50M in guarantees. The Israeli government, a government owned company, ECI and Flextronics teamed up to find a solution, the website quoted an unnamed source as saying.

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