20 June 2011 17:17 [Source: ICIS news]
LONDON (ICIS)--Ciech is to break away the polyurethane (PU) foams division of subsidiary Zachem into a separate business unit, the Poland-based chemicals group said on Monday.
The unit, which is to operate as a new subsidiary directly under Ciech, would be named Centrum Biznewsow Pianki (Foams Business Centre), it added.
The change will take place as part of an ongoing restructuring of Zachem, Ciech said.
The restructuring strategy reduced Zachem's workforce from 1,100 to 997 last year and the company said it is targeting a further cut of around 140 employees this year.
Differences with the unions over how to achieve the workforce reductions, which last year led to threatened strike action, had been overcome with job cuts largely to be achieved through voluntary redundancies, Ciech said.
Ciech is pursuing a group-wide restructuring, including debt reduction, with the objective of readying itself for a relaunch of its privatisation, which could start as soon as this September, according to the Polish treasury ministry.
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