Romania's Oltchim plans to temporarily cut 506 jobs

24 August 2012 13:30  [Source: ICIS news]

BUCHAREST (ICIS)--Romania-based Oltchim plans to temporarily cut 506 jobs at its site in Ramnicu Valcea until the end of September in order to cut costs, the pesticides and plastics manufacturer said on Friday.

The temporary cuts will begin on Monday.

The company will pay the employees with 80% of their wages during the break period, Oltchim said.

Oltchim, which employs around 3,500 people, has been operating at reduced capacity in recent months because of feedstock supply problems.

The company is in the process of being privatised, with the government aiming to dispose of its 54.79% stake in an auction on 14 September.

Based in Ramnicu Valcea, southern Romania, Oltchim produces caustic soda, petrochemicals, agrochemicals, inorganic products and building materials, including insulating PVC for panels, doors and window frames.

By: Marian Chiriac
+44 20 8652 3214

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