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Over 400 Employees Of Romanian Oltchim Protest Against Minority Shareholder

Over 400 employees of Romanian chemical company Oltchim (OLT.RO) protest Tuesday outside the unit’s main pavilion against the policy of German PCC SE, a minority shareholder that holds 18.2% of the company.
Over 400 Employees Of Romanian Oltchim Protest Against Minority Shareholder
Ioana TudorOana Gavrila
30 aug. 2011, 14:07, English

Protesters argue that the policy adopted by the German company harmed Oltchim.

On August 23, Oltchim general manager Constantin Roibu said he would resign, as PCC requested, if the latter came up with viable solutions to put the company back on track. Roibu aslo asked PCC to present its financial resources, certified by banks, to prove that it was able to finance the company’s production activity.

The Romanian Government plans to sell its stake in Oltchim by the end of the year and find solutions regarding the company’s debts.

Oltchim said Friday it will maintain furlough for one third of its employees in September as well, because of shortages in raw materials and working capital. The company reduced activity to 30% of its capacity in August and sent a similar percentage of employees into furlough.

In September, the company will place 1,161 employees in furlough, after applying the measure to 1,025 employees between August 10 and 31. At the moment, the it has a total 3,454 employees.

Oltchim shareholders will discuss this week the contracting of loans worth EUR150 million, for working capital ad another EUR100 million for investment.