“With respect to articles recently published in press retarding closure of Electroputere SA production, we would like to inform there is no such decision approved by the Board of Directors, General Shareholders Meeting and/or by any other relevant body of Electroputere SA. The company will communicate the relevant decisions when appropriate,” Electroputere said in a press release signed by general manager Osama al Halabi.
Union representatives said in November the company was bound to shut down production after incurring losses and laying off nearly 300 employees starting summer 2019.
Electroputere Craiova was established in 1949 and became a holding company in 1991. It was privatized in 2007 and Saudi Al-Arrab Contracting Company Limited owns 86.28%.