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16. November 2008

Bulgaria's Tchugunoleene JSC Sacks 25% of Its Workers over Financial Crisis

Bulgaria's foundry company Tchugunoleene JSC announced Thursday it was going to dismiss about 25% of its workers because of the effects that the global financial crisis had on its orders from abroad.

The sacking of workers is one of the measures that the company is undertaking in order to cut back on its expenditures. The exact number of workers to be sacked has not been announced.

The company states that its major clients from Italy, Germany, and France had already reduced the volume of their orders for the last months of 2008 and for 2009.

85% of Tchugunoleene JSC's production is destined for exports, and as a result the global crunch is affecting significantly the volume of its sales.

The company statement reads that Tchugunoleene JSC was going to try to continue its export-oriented production despite the reduction in its scale.

Tchugunoleene JSC's main clients and partners include Clark - Germany; Cesab - Italy; Goss Graphic Systems - UK/France; DanTruck - Denmark; Terex - Ireland; as well as machine-building plants in Slovenia, Turkey, Greece, and the USA.

Tchugunoleene JSC is located in the town of Ihtiman, 50 km southeast of the Bulgarian capital Sofia. The annual capacity of the Company is 60 000 MT of gray and S.G. iron castings.

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