Oltchim will keep 840 employees in technical unemployment during this month
February 2012
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Chemical factory Oltchim Ramnicu-Valcea (OLT) will keep 840 employees in technical unemployment in February, after the last six months about 1,000 employees were in the same situation due to lack of raw materials and working capital. The decision was adopted on Tuesday by administrators. Thus, the employment contracts of 840 employees will be suspended for the period February 1 to 29. As long as the individual work contracts are suspended, the employees receive 80 percent of basic salary. The employees are from both among those operating in Ramnicu-Valcea, and of those working in the petrochemical division of Bradu village, Arges County. Oltchim company is controlled by the state through the Ministry of Economy, which owns 54.8 percent of the capital. According to the latest reports from the BSE, the German company PCC SE holds 17.47 percent stake in Oltchim and Carlson Ventures investment fund, registered in the UK, has 14.02 percent of the shares through Nachbar Services.
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