Electric engine producer Electroputere Craiova to send home 500 employees by the end of September

The company will fire 400 people starting tomorrow and another 100 beginning with September. Those who will lose their jobs will receive compensatory salaries.

Electroputere Craiova posted losses of 545,300 lei in the first three months, down 13-fold compared the same period last year, when these amounted to 7.13 million lei. Its business advanced from 28.3 million lei to 63.18 million lei in the mentioned period. 

The company has a share capital of 33.76 million lei, divided into 337.6 million shares, at a face value of 0.10 lei. Its shares are traded on the second tier of BSE, under the EPT symbol. 

Al Arrab Company Ltd offered 2.3 million euros last year for 62.82 percent of the shares, but ended up by owing 86.28 percent of the company after the last share capital increase. Electroputere Craiova was formerly owned by the state assets recovery body AVAS. 

The company has a capitalization of 47.26 million lei according to a 0.14 lei per share quota established today.