Sarin 2008 Profits Decline 80%, Appoints New CEO

Sarin Technologies Ltd announced on Monday the appointment of Uzi Levami as chief executive officer. The announcement coincided with the release of the company’s annual results. Sarin posted a $1.594 million profit in 2008, an 80.1 percent decline compared to 2007.

The diamond tools making firm reported revenues of $33.15 million, a 10.7 percent decline from the prior year, a direct outcome of the slowdown in diamond manufacturing and the subsequent drop in demand for all of Sarin’s products.

As a result of these developments, Sarin has reduced its operating expenses by cutting staff and expenses. Fourth quarter operating expenses were reduced by about 24 percent compared to the third quarter.

At the end of 2008, CEO Zeev Leshem left his post, succeeded yesterday by Levami. Levami, 56, was one of the original founders of Sarin and involved in the early stages of the research and development efforts.

Later Levami continued leading research and development efforts in capital equipment development for the semiconductor industry, culminating at the position of CEO at a spin-off start-up. Following the sale of the company, Levami served as a director of business development for the acquiring U.S. company.

Sarin’s board said it believes his extensive experience in R&D and business development “will help focus the company for the challenges of the current business climate.”