Chimcomplex Borzeşti (BVB:CHOB), the largest Romanian chemical company, announced to investors on the morning of March 14 that it must enter a restructuring program in an attempt to cope with the surging energy prices.

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

As part of the measures, the Chimcomplex Borzeşti platform will undergo a general overhaul for at least three weeks.

The activities will be reanalyzed for restructuring to make them profitable, and some sections will be closed.

"Chimcomplex employees continue to be a top priority for the company. We are trying to find solutions to protect them, but if energy prices do not recover, we are in a situation where we will have to follow the collective redundancy program, after the period of technical unemployment," say Chimcomplex officials in the statement, quoted by Ziarul Financiar.

The company is considering halving the activity of the soda-producing section and indefinitely closing three natural gas-consuming sections within the platform in Râmnicu Vâlcea. In parallel, the company will merge some of its divisions.

(Photo courtesy of the company)

iulian@romania-insider.com