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Bulgarian arms maker Arsenal to cut up to 2,000 jobs as orders drop

Author Mario Tanev
Bulgarian arms maker Arsenal to cut up to 2,000 jobs as orders drop Photo: Arsenal / All rights reserved.

SOFIA (Bulgaria), March 26 (SeeNews) - Bulgarian arms maker Arsenal said it has decided to cut up to 2,000 jobs from its current 9,000 as of April 29, as orders dropped amid the uncertainty of the global markets.

As the company exports all of its output, its performance is severely hampered by the blocked transport routes, as well as most countries' decisions to relocate funds intended for defence spending to the fight with the novel coronavirus disease (COVID-19), the company's general manager Nikolay Ibushev said in a statement on Wednesday.

In addition, the economies of Arsenal's traditional export markets were severely impacted by the drop in global oil prices, Ibushev said.

Earlier this month, Arsenal temporarily suspended production activities due to the spread of the novel coronavirus disease in the country.

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