27 October 2009 12:51 [Source: ICIS news]
However, while the compromise meant that 255 people — or 8% of the workforce —would be laid off rather than 460, it also locked in lower future salary growth and greatly reduced bonuses, ZChP added.
Both PKO BP and the state’s Industrial Development Agency, which is required to guarantee the credit, had said they could not support the awarding of the loans unless the company substantially cut its workforce expenditure.
However, the unions threatened to call a strike if that cut involved what it thought was an unacceptable number of job losses.
The company is also a producer of titanium dioxide (TiO2).
($1 =Zl2.80, €1 = Zl4.19)
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