September 27 (SeeNews) - Romanian chemicals producer Chimcomplex Borzesti [BSE:CRC] said it is laying off 396 employees in order to streamline activity and cut costs.
This measure is based on the need to resize and streamline the company's activity, as a result of synergies and mergers between its industrial platforms in Ramnicu Valcea and Onesti, Chimcomplex said in a report filed with the Bucharest Stock Exchange on Monday.
The company also aims to optimize costs by using human and financial resources with maximum efficiency, especially in the current national and international crisis context, it added.
In August, Chimcomplex ceased operations for 14 days due to increased prices for electricity and gas. Also in August, the company announced it recorded an annual drop of 42% in its net profit in the first six months of 2022.
In July, Chimcomplex inaugurated a special polyols production plant in the central-southern city of Ramnicu Valcea, following an investment of 40 million euro ($40.7 million).
Chimcomplex started trading on the main market of the Bucharest Stock Exchange in January 2022, having moved from the AeRO segment. Currently, the company has a market capitalization of 4.57 billion lei ($890.2 million/925.1 million euro). At end-2021, Chimcomplex employed some 1,919 people.
Its shares traded 0.67% higher at 15.1 lei by 1234 CET on Tuesday, bourse data showed.
(1 euro=4.9427 lei)