Comverse Technologies (Nasdaq:CMVT) (CMVT) is freezing plans to build a "Kiryat Comverse" complex in the town of Ra'anana for a year, TheMarker.com has learned.
The decision to suspend the project, in which all 4,400 company employees in the country were to work, is due to the change in conditions in the telecommunications environment, the company said.
The company said it could set the project in motion again at a 45-day notice, if the conditions improve.
Comverse bought a 10-acre plot for the complex from the Svirski family last year. Project "Kiryat Comverse" was to stretch over an area of 100,000 square meters, under which a 120,000-square meter parking lot was to be constructed.
The company planned to invest up to $150 million in the project, which was due to begin in late 2002 and to end two and a half years later.