Slovakia's Slovnaft to lay off 300 employees in restucture plan

02 October 2012 16:38  [Source: ICIS news]

LONDON (ICIS)--Slovnaft is to lay off 300 of its 3,600 workers in coming months as part of restructuring made necessary by the difficult market environment, the Slovak refining and petrochemical company said on Tuesday.

Two-thirds of the redundancies would be made in administrative units, it added.

Any cuts made as part of the restructuring would not affect investment plans, including a project to construct a 220,000 tonne/year low density polyethylene (LDPE) plant and reconstruct the company’s 210,000 tonne/year ethylene plant, which is being partly funded by the European Bank for Reconstruction and Development (EBRD), Slovnaft said.

On Monday, the group which owns Slovnaft, MOL, said it was looking to lay off 600-700 people from its Hungarian operations.

By: Will Conroy
+44 20 8652 3214

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