Romanian-English Fertilizer Producers Sacks 5 500 Workers

Business | December 10, 2008, Wednesday // 00:00| Views: | Comments: 0

The Romanian-English fertilizer company InterAgro is going to lay off about 5 500 workers, or about 90% of its employees, the Romanian newspaper Adevarul reported.

The company is going to close down all of its six chemical plants, which produce fertilizers. The only way to save the factories would be if the Romanian state supported the company, the InterAgro President Ioan Niculae is quoted as saying.

Such a step, however, would be a breach of EU competition rules, and is therefore unlikely.

Niculae also said the closure of the company factories would incur losses of USD 100 M. InterAgro exports its fertilizer production, and the declining demand on the international market due to the global financial crisis has affected the company.

Bulgaria's fertilizer producer Agropolychim has also been troubled by the effects of the global financial crisis, and has had to shut down temporarily its production lines.

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