September 19, 2018

Arpechim acquisition and high wages steered Oltchim to insolvency

The minister of Economy, Varujan Vosganian said yesterday during talks about the preliminary report on the reasons that led the plant to insolvency, which was presented in a press conference that Oltchim’s acquisition of Arpechim is one of the main reasons for the insolvency of the chemical plant of Ramnicu Valcea.“The incomes of Oltchim and Arpechim amounted to RON 1.6 bln in 2011. In fact, the incomes dropped to half while personnel expenses increased by 6 %. At Arpechim, we speak about expenses of RON 106 M and, in compensation, the company produced nothing. As a matter of fact, RON 292 M was spent on retechnologisation, at a moment when total losses were of 47 %. The acquisition of Arpechim is one of the main reasons why Oltchim reached this situation,” Vosganian said. According to data presented by Vosganian this Tuesday, during 2009-2012 the total number of employees of the plant diminished by 12 %, while the money allotted to salaries increased by 40 %.

Source: Nine o’clock (read more)

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