Rulmenti Barlad Budgets 30% Lower Turnover
Resource from: CBCC Likes:2942
Apr 03,2009
Rulmenti Barlad (URB), owned by Turkey's Kombassan group, expects sales to drop by around 30% this year, to 65m dollars (49m euros), from 97.5m dollars (74m euros) in 2008.
At the same time, the company will make redundant 800 of its 2,800 employees, with the laid off employees to get as many as 12 compensatory wages.
"This is an upbeat budget because we depend a lot on foreign markets, as we export 85% of production. We saw what is happening as early as October and we've tried, through leaves and working hours adjustments to retain our people, but these methods did not work," stated Corneliu Pricope, deputy CEO of RulmentI Barlad.
Operations will be halted again during the April 20-26 interval. URB produces industrial, rail bearings and mining installations.
"Were we to reduce the number of employees in line with the order drop, then half of our 2,800 people would have had to go. However, there's the possibility of our calling them back, once operations allow it. We have signals from the foreign markets regarding a demand rebound in August-September, but these are just estimates," Pricope said.
He mentioned that depending on workers' time with the company and the amount of unemployment benefits, the income of a redundant worker could go as high as 950 RON per month.
Rulmenti Barlad is held by Turkey's Kombassan group, which took over the plant in 2001. Investments carried from the takeover moment until late last year, to boost capacities, in the 12 MW cogeneration station and environment, amounted to 50m dollars (38m euros). Investments for 2009 have been frozen, with the only project involving the company's certification as a European rail bearings producer.
The company last year produced 11,500 tonnes of bearings in Romania, with 57% going to customers of Europe. According to URB data, Romania last year exported 26,500 tonnes of bearings, while imports reached 6,400 tonnes.
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