Romanian Electroputere To Sack 350 People Come Oct 1

The layoffs are part of the restructuring agenda taken on by majority shareholder Al-Arrab Contracting Company Limited within the privatization contract.

At the end of June, Electroputere had 1,971 employees.

Company sales declined 23% in the first half of the year, to 104.4 million lei (EUR1=RON4.2385), while the loss widened by 59%, to RON26.9 million.

In addition, the company’s debt inched up 2%, to RON415 million, from RON407 million in the beginning of the year.

On the other hand, the company’s receivables declined to RON50.7 million, from RON51.4 million.

Electroputere has a share capital of RON33.7 million, divided into 337.6 million shares with a face value of RON0.1. Al-Arrab Contracting Company Limited holds a 86.28% stake.

Company shares closed up 4.76% Wednesday, to RON0.11. The company has a market value of RON37.13 million.