Romanian Brick Manufacturer Ceramica To Lay Off 151

"Taking into consideration the macroeconomic and financial situation, the slower growth of the real estate sector and […] higher production and transportation costs, starting from December we will decrease the number of employees to 280 from 431 now to ensure economic efficiency of operations," Ceramica director general Iulian Mangalagiu said in a statement filed with the Bucharest Stock Exchange, BVB.

He added that the company will support financially the dismissed workers and will help them find a new job.

Ceramica (www.ceramica-iasi.ro) is based in Iasi, northeastern Romania. Its majority shareholder is Dutch-registered Eurobrick International B.V. with 69.41%.

The nine-month net profit of the company fell to 9.7 million lei ($3.3 million/2.6 million euo) from 11 million lei net profit a year ago.

(1 euro=3.7317 Romanian lei)