Aug 2015 Financial News

Layoffs at Arawak

Aug 20, 2015

THE Arawak Cement Plant will get to keep its doors open for business.

But in the aftermath of dwindling profits, 40 more Barbadians who work there will be on the breadline.

The unfortunate employees of the St Lucy-based company were yesterday informed that 40 of them were to be made redundant effective October 23, under a comprehensive restructuring plan designed to save the operation from going under.

But the cash-strapped company remains in dire straits even as it prepares to send home almost a fifth of its staff.

General manager Rupert Greene explained in a release yesterday that the company had been recording significant losses since 2008 while its cost of production was significantly higher than the other subsidiaries in the parent TCL Group, based out of Trinidad and Tobago.

Source:
(BA/PR)
Nation News
Thursday August 20, 2015

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