People & Business :: Companies
Romania's Oltchim Slashes Output to Cut Costs
9:32 AM MDT | August 9, 2011 | Ian Young
Oltchim (Ramnicu Valcea, Romania) says it will cut its output to 30% of nameplate capacity during the month of August to cut costs because the company cannot finance its working capital. Oltchim has faced steep rises in raw material costs this year. The company announced the measures in a statement today to the Bucharest stock exchange, also saying that 1,025 of its employees, approximately one-third of its workforce, will receive 80% of their salaries for the next 20 days. Further details were not disclosed. Oltchim makes a range of products including chlorine...
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