Business News

Seventy to Lose Jobs at Helios

Domžale, 01 October (STA) - Coatings maker Helios has embarked on a new round of layoffs. After letting go of 120 workers earlier this year, a further 70 will be made redundant in October and November.

The move is in line with an agreement confirmed by the management and the trade unions. "This is the most we could do in the given circumstances," Tomaž Kumer, the head of Helios's in-house trade union, told the STA on Wednesday.

The deal is a result of months of negotiations following a steep decline in Helios sales. In January-August revenue dropped 5.8% year-on-year, the company said in a press release.

The deal stipulates that wages and other payments will not be affected by what Helios described as an attempt to streamline and optimise production.

After the latest round of layoffs the headcount is expected to remain level for three years "assuming there will be no further deterioration of sales," according to Humer.

Helios was acquired by Ring International Holding, an Austrian company, earlier this year in a takeover valued at around EUR 250m.

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