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Report: Romania's Oltchim to lay off 25% of its staff

7:37 AM MDT | May 10, 2013 | Francinia Protti-Alvarez

Indebted petrochemical producer Oltchim (Râmnicu Vâlcea, Romania), will lay off a quarter of its staff starting next week, according to reports in the Romanian press. About 600 of the 900 job cuts will take place at the company's main production site at Râmnicu Vâlcea, and the remaining 300 jobs will be cut from Arpechim, a subsidiary located at Pite┼čti, Romania, the reports say. The minimum number of jobs lost is expected to reach 1,050, or enough to allow the company to save €1 million/month ($1.3 million) in wages. The company's...

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