The company said Thursday that 1,356 of its employees signed new work contracts with the new owners, while 436 others were collectively laid off with severance pay.
Oltchim has sold its core assets to Chimcomplex Borzesti Onesti for EUR127 million.
Oltchim’s new organizational structure includes Valcea Division, consisting of 6 compartments and a sector with the mothballing units, and Bradu Division – Pitesti, with 4 compartments and a sector with the units under conservation.
The management of this new organizational structure is provided by the special administrator, Bogdan Stanescu, who has several subordinate advisers, Oltchim said.
Oltchim is worth RON28 million on the Bucharest Stock Exchange and its share price decreased 69% in the past year following transactions of RON4.2 million on the stock market. Its main shareholder is the Romanian state with 54.8%.