Petrokemija to Lay Off 350 Employees This Year

Total Croatia News

ZAGREB, May 2, 2019 – The Kutina-based artificial fertiliser producer Petrokemija said on Thursday that at the meeting held on 30 April 2019, its Supervisory Board gave its approval on the implementation of the Severance Plan for 2019.

According to the Plan, and communication with social partners, about 350 employees will leave the company by the end of this year.

The optimisation of business processes in the Company and Petrokemija Group, which includes optimization and management of human resources, is one of the prerequisites for ensuring a sustainable business model of the Company. Petrokemija did not specify the amount of severance pays.

The company has successfully completed the recapitalisation process – investors have paid for 45 million of new stocks which helped the company collect 450 million kuna. The stock capital was raised to 550.287 million kuna.

According to recently published figures, in the first three months of 2019, Petrokemija made net income of 22 million kuna, compared to 79 million kuna net loss in the same period last year.

The sales volume and sales structure are the main promotors of better results compared to the same period of 2018. Total sales volume rose by 31 percent and revenue grew by 44 percent, thanks to good results in Croatia and in regional markets, the company said on its website.

More Petrokemija news can be found in the Business section.

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