September 10 (SeeNews) - Romanian insolvent chemical company Oltchim [BSE:OLT] said on Thursday it will lay off only 225 employees, fewer than initially planned, on the back of improving financial results.
The company had planned to lay off about 500 in a bid to reduce costs, it said in a statement filed with the Bucharest Stock Exchange.
Oltchim's turnover rose 35% to 364 million lei ($92.4 million/82.3 million euro) in the first half of the year, while its loss shrank to 9 million lei.
The new redundancy plan will lead to monthly savings of 968,000 lei for the company.
State-controlled Oltchim employs about 2,200.
(1 euro = 4.421 Romanian lei)