EnglishAutomotive parts manufacturer Mefin - Sinaia has decided to extend the period of technical unemployment by an additional month for 89 employees. The remaining 354 employees will resume production at normal parameters, according to a press release issued by the company yesterday.
The announcement was made less than a month after the management had said that 150 employees would remain in technical unemployment throughout July. A month before, the company laid off 451 employees and retained 42.
Mefin - Sinaia has been severely affected by the current economic crisis, closing the first quarter with losses of 592,363 RON, down from a profit of 478,256 RON in Q1, 2009. The turnover declined by 25.27% to 4.95 million RON in the first three months of 2009.
The company has a market value of 4.34 million RON, calculated at a price of 0.82 RON/share logged early this week. DCI Walbridge Partners Ltd. holds 79.6% in the company.
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