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The chemical plant of Oltchim Râmnicu-Vâlcea announced that it will keep 1,000 employees in technical unemployment in December as well. Over the last four months, a similar number of employees have been on furlough, due to lack of raw materials and working capital. Between November 15 and November 30th, the company suspended the labor contracts of approximately 1,000 employees.
The employees who will go on furlough next month are those working in Râmnicu Vâlcea, and those working in the petrochemical division of the commune of Bradu in the county of Argeş. Employees will be paid 80% of their base salary for the duration of the technical unemployment.
At the end of September, Oltchim had 3,470 employees. The company is controlled by the state, through the Ministry of the Economy, which owns 54.8%.
The Oltchim chemical plant lost 179.77 million lei, in the first nine months of 2011, up 0.88% YOY, according to the quarterly report sent to the Bucharest Stock Exchange. The company's turnover increased 38.29% compared to September 2010, to 1.257 billion lei.
The company's revenues increased 38.74%, to 1.35 billion lei, and expenses reached 1.53 billion lei, up 32.92% YOY. The company's debts increased 22.99%, up from 1.43 billion lei.
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