31 August 2011 10:58 [Source: ICIS news]
BUCHAREST (ICIS)--The shareholders of Romanian chemical producer Oltchim have named Constantin Dascalu as the new chairman of the board, effective from 15 September, the company said on Wednesday.
Dascalu, previously an adviser for the country's Trade and Economic Ministry, has replaced Constantin Roibu, who will remain CEO, Oltchim said in a statement.
In recent months, Roibu has come under fire from one of the firm’s minority shareholders, Germany-based chemical producer PCC, for failing to restructure Oltchim.
PCC, which holds 17.3% of the company, said it would be ready to help in providing Oltchim with alternative solutions for raw materials, the delivery of which would be financed from PCC's own resources.
However, the offer was conditional on Constantin Roibu stepping down to allow private sector managers to take on the running of the company. Oltchim's management flatly rejected the offer.
Currently, Oltchim is facing difficulties as it extends temporary job cuts and reduction of output to 30% of installed capacity for a second month, starting from September.
Furthermore, the Romanian government is pushing forward with a privatisation timetable for the disposal of its 54.79% stake in the company. An invitation for bids in the sell-off will be issued in the first half of 2012.
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