Lava To Pare Workforce
Lava Systems (Toronto) is planning to cut its North American workforce by about 30 people. The cuts come as a result of disappointing efforts to penetrate the North American banking and insurance markets. Administration and services personnel will be most affected, according to Peter Hamilton, Lava's chairman, president and CEO. Lava will take a $500,000 restructuring charge in Q3 '98, but expects to save $2 million per year with the restructuring.