Romanian Oltchim Maintains Furlough For 1,000 Employees

Some 1,000 employees of Romanian chemical plant Oltchim (OLT.RO) will be kept on furlough in October, for the third month in a row, because of raw material and working capital shortages, the company said in a memo sent Friday the Bucharest bourse.

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Oltchim has 3,454 employees.

One third of employees were sent into furlough in September, after a similar move in August.

While on furlough, the employees receive 80% of their base salary.

The company is 54.8% state-owned, while German PCC SE holds 17.47% and investment fund Carlson Ventures holds 14.02%.

Oltchim shares dropped 10.35% on the day Friday.

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