Czech Synthesia workforce down 23%

27 July 1999 11:03  [Source: ICIS news]

PRAGUE (CNI)--Employment at loss-making Czech Republic chemical company Synthesia, a division of AliaChem, has reached an all-time low following a series of job cuts.

At the end of June, Pardubice, East Bohemia-based Synthesia was employing just 4681 people - 1383 people or 23 % less than the same time last year, the official Czech news agency CTK reported on Monday. The job cuts are largely due to a restructuring programme at the company, which is trying to streamline its operations.

Synthesia currently produces inorganic and organic chemicals, dyestuffs and pigments, plastics, pesticides and industrial fertilisers, propellants, pharmaceutical substances and industrial explosives.

During the first six months of this year 523 people left the company, 76% of whom were laid off as part of the firm's restructuring plan. Most of the released will receive three-months' severance pay.

Synthesia made a loss last year of Koruna1.1bn ($31.5m/Euro30.1m) on revenues of Koruna5.6bn (down 5 % year-on-year). In 1997, Synthesia generated a loss of Koruna1.26bn.

By: Mark Andress
+44 208 652 3214

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