Romania's largest chemical group Chimcomplex (BVB: CHOB), which operates Oltchim and Borzeşti industrial platforms, is starting a collective redundancy program targeting a number of 396 (of 1,936) employees "in an attempt to cope with the explosion of energy prices," according to a note to investors filed by the company to the Bucharest Stock Exchange.

Compared to the group's employment (1,936 on June 30), this means roughly a 20% workforce reduction, according to Ziarul Financiar.

The group is one of the largest natural gas consumers in the country.

"This measure is based on the need to resize and streamline the company's activity, as a result of the synergies/mergers between the industrial platforms in Râmnicu Vâlcea and Onești, but also in the current economic and geopolitical context, in which the company aims to optimize the operational and operating costs, to streamline its activity, in order to use the human and financial resources with maximum efficiency, adapt to the influences exerted by the national and international crisis context in order to overcome all challenges," the company explains.

Chimcomplex reported its H1 turnover rose by 7% YoY to RON 1.22 bln, while also saying that its profit plunged by 42% YoY up to RON 165 mln amid an increase in energy and gas prices.

andrei@romania-insider.com

(Photo source: the company)