Romanian oil & gas equipment producer Upet Targoviste, which is owned by Russian group Industrial Generation, plans to lay off 263 employees by the end of this year. This represents more than 40% of the company’s headcount, which is now 619 employees.

The company has already informed the unions and the local authorities of this decision, according to a report published on the Bucharest Stock Exchange.

Upet had losses of EUR 390,000 in the first half of this year although its sales increased by 9%, to EUR 7.7 million. Last year, Upet had a turnover of EUR 15.9 million and a net profit of EUR 328,000.

Upet produces rigs for oil and gas drilling, and auxiliary equipment.

The company is listed on the RASDAQ section of the Bucharest Stock Exchange and has a market capitalization of EUR 4 million.

 editor@romania-insider.com