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Romania’s Oltchim Puts 1,140 People On Furlough By End-Feb

Romanian state-owned chemical plant Oltchim (OLT.RO) will put 1,140 employees on furlough by the end of February, the company said Tuesday citing difficulty in keeping its installations functioning at normal capacity, on the backdrop of the lack of raw material on the market.
Romania’s Oltchim Puts 1,140 People On Furlough By End-Feb
16 feb. 2010, 10:09, English

Oltchim summoned its shareholders for a meeting on March 19 to discuss the deal with Romania’s largest oil company OMV Petrom (SNP.RO) on the takeover of the petrochemical activity of Arpechim refinery.

Moreover, the shareholders will also discuss about setting up a working unit in Bradu, in from the southern Romanian county of Arges, following the takeover of Arpechim. The new unit will make the products obtained from processing the crude oil and will repair metal-made articles, machines and equipments.

Oltchim said its overall turnover in 2009 stood at 1.07 billion lei (EUR1=RON4.1173), down 44% from RON1.94 billion the year before. The plant’s 2009 loss narrowed 10% to RON209.8 million, while total revenue nearly halved on the year at RON1.095 billion.

Oltchim has a share capital of RON34.3 million split up into 343 million shares with a face value of RON0.1.

The company is majority owned by the Economy Ministry, with a 54.79% stake, while Germany’s PCC holds around 12.16% of its shares.

On the Bucharest Stock Exchange Monday, Oltchim shares closed at RON0.217 per unit, down 0.46% compared with the reference price, so the company’s market value stood at RON74.43 million.