22 January 2008 18:20 [Source: ICIS news]
LONDON (ICIS news)--Spain-based Cepsa plans to cut 90 jobs from its Ertisa, Petresa and Petrocepsa petrochemical operations to streamline its business, a company union official said n Tuesday.
Under the plan, all workers will receive early retirement or voluntary departure benefits, he said, adding that the three units are “overstaffed”.
Ertisa, Petresa and Petrocepsa employ a total of 1,300 people.
Cepsa’s move comes shortly after Spanish rival La Seda de Barcelona (LSB) cancelled the €595m ($857m) acquisition of Cepsa’s of purified terephthalic acid (PTA) unit, Interquisa, amid market turmoil.
The move envisaged Cepsa taking a 12% stake in LSB.
($1.00 = €0.69)
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