Thursday, January 22, 2009

Romania’s Electrica to Fire 1,700 Employees, Financiar Reports

By Adam Brown

Jan. 21 (Bloomberg) -- Electrica SA, Romania’s largest electricity distributor, plans to cut 9 percent of its staff this year as part of preparations to sell a stake in the state- owned company, Ziarul Financiar said.

The company will fire 1,700 people and cut the number of employees to 16,400 by the end of the year, the newspaper said, citing unidentified Electrica officials.

Electrica, which has sold five units since 2004, plans to sell a stake to private investors this year, Financiar said.

To contact the reporter on this story: Adam Brown in Bucharest at abrown23@bloomberg.net

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