"Electroputere" Craiova will layoff 350 employees starting October 1st, who will receive severance pay. The reason for the restructuring is the lack of contracts and cash, as well the reorganization of the company"s business and the discrepancies between the number of employees and the company"s activity.
The layoffs are part of the restructuring program of the company assumed by its majority shareholder, Al-Arrab Contracting Company Limited. At the end of June, the company had 1,971 employees.
The company"s turnover dropped 23% in the first semester, to 104.4 million lei, whereas its losses increased 59% to 26.9 million lei.
The plant has four manufacturing divisions, namely electrical devices, rotating electric machinery, power transformers and urban and railway vehicles, a general services division, as well as the Tools, Devices, Tester, Cast and Forged Parts, Repairs and Modernization of Tools and Technological Installations.
"Electroputere" is held by Saudi company Al-Arrab Contracting Company Limited, which controls 86.28% of the stock.
Ovidiu VRÂNCEANU, Braşov (Translated by Cosmin Ghidoveanu)
"Electroputere" Craiova will layoff 350 employees starting October 1st, who will receive severance pay. The reason for the restructuring is the lack of contracts and cash, as well the reorganization of the company"s business and the discrepancies between the number of employees and the company"s activity.
The layoffs are part of the restructuring program of the company assumed by its majority shareholder, Al-Arrab Contracting Company Limited. At the end of June, the company had 1,971 employees.
The company"s turnover dropped 23% in the first semester, to 104.4 million lei, whereas its losses increased 59% to 26.9 million lei.
The plant has four manufacturing divisions, namely electrical devices, rotating elect
