Caesarstone Cuts Workforce by 10%

MP MENACHE, Israel – Caesarstone Ltd. reduced its worldwide workforce by 10% late this year to address what it called “the ongoing slowdown in demand” of surfacing products.

In a Dec. 27 filing with the federal Securities and Exchange Commission, Caesarstone (NASDAQ: CSTE) acknowledged it had finished cutting employment in Israel and other countries.

Globes, an Israeli financial publication, reported on Dec. 25 that more than 200 employees would be leaving Caesarstone, “including some who have been dismissed and others departing of their own volition.”

In the filing, the company confirmed, “that as a global operating company affected by global market conditions and fluctuations, it is taking steps to adjust its operations to address the ongoing slowdown in demand for kitchen countertops among private consumers as well as commercial projects around the world.”

The filing also noted that Caesarstone “is taking other steps to improve its operational efficiency, including increase prices, focus on growth and others.”

Earlier in December, Caesarstone noted that third-quarter 2022 revenue of $181 million increased 10.6% from the same time in 2021, but economic conditions led to a quarterly net loss of $500,000. It also cut its estimate of annual revenues by approximately 3%.

“We stress that Caesarstone is a strong global brand with high consumer and business partner loyalty, something that will help better deal with the consequences of this period,” the company noted in a statement to Globes.