Първоначално изпратено от zaho
Mr Bardelli has presented a strategy for the Group with the following main objectives:
(1) further rationalizing production at the group’s Romanian and Bulgarian plants;
(2) increasing the annual EBITDA level by ?11m; and,
(3) preparing the Group for exit.
The strategy involves:
- maximising synergies between Policolor and Orgachim
- avoiding duplication by concentrating production of each product category in one location;
- creating a single management structure across both companies;
- initiating a program to cut costs; and,
- realizing the value of non-core assets.
The strategy envisages the following specific actions:
- changing the pricing strategy to maximise profits, not sales (a price increase of 9% was introduced in November 2008, followed by a further 6% price increase in February 2009);
- one third of the current 1,600 employees are to leave the Group, of which 380 are to be laid off, with a further 180 to be externalized in newly-created companies;
- all decorative paints production is being transferred to Bulgaria, whilst all industrial paints, automotive paints, and wet plasters production is being transferred to Bucharest. At a later stage, the closure of all production at the Bucharest site is envisaged;
- the Group’s subsidiaries in Serbia and Ukraine, which act as local distributors, are being sold or shut down. In the future, the respective markets will be covered by independent local dealers.
- transportation, merchandising and retail activities are to be externalized. As a consequence, more than 228 drivers, neweuropecapital 6 maintenance workers, merchandisers and shop agents should leave the company.
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