The company will send 713 employees on furlough from March 5 until March 31.
Over the past seven months, between 840 and 1,000 staff at the company’s plants in Ramnicu Valcea and Bradu localities have been on and off the job. Furloughed employees get 80% of their base salary.
Oltchim is majority owned by the Economy Ministry, with a 54.79% stake, while Germany’s PCC holds 12.16% of its shares.
The company posted a loss of 270 million lei (EUR63.7 million) in 2011, 21% wider on the year, despite higher sales.
At around 10:40 Friday morning, Oltchim’s shares traded up 6.22% at RON1.35 in Bucharest, amid speculative buying as investors expect the chemical producer will be sold shortly.
The authorities and the International Monetary Fund have agreed Oltchim would be privatized by the end of April.