Romanian Oltchim Maintains Furlough For 1,000 Employees
Romanian chemical company Oltchim (OLT.RO) will maintain 993 employees on furlough in January 2012, continuing a measure taken over the past five months for lack of raw materials and working capital.
The decision was taken Tuesday, in a shareholder meeting, according to a report posted on the Bucharest bourse.
While on furlough, employees receive 80% of their base salary.
Oltchim is 54.8% owned by the state. Other shareholders include German PCC SE with a 17.47% share and UK-registered Carlson Ventures, with a 14.02% stake.
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