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GLOBAL FINANCIAL CRISIS HALTS NAIRIT CHEMICAL PLANT
ARKA
Dec 25, 2008
YEREVAN
The global financial crisis has halted Yerevan's Nairit, the press
office of the chemical plant reported on Thursday.
"The global crisis lowered demand for synthetic rubber. As a result,
the lower demand has reduced Nairit's exports, since the plant works
only for consumers", the press release says.
This paralyzed the plant's operation and caused technological halt
until February 1, 2009.
The press office says that 1,528 (55.7%) of 2,744 workers sent to
forces leave. The live will last until March 1, 2009.
The plant's administration will pay salaries to these workers in
accordance with the Armenia's labor code.
The press office says that jobs can be cut only as a result of
transition to self-financing in 2009 - the crisis can't prompt
dismissals.
"The press office of Nairit CJSC is empowered to state that the company
has no payable wages and equated payments for industrial and service
units' personnel for October", the report says.
The wages and equated payments total AMD 241.5 million, of which 33.8
million were paid on December 23, 51.2 million on December 24 and
wage arrears (AMD 156.5 million) will be repaid before December 27,
12 days later than the term implied by the law.
Nairit was the only plant producing chloroprene rubber in the S
oviet Union.
In 1989, the plant was closed for environmental reason.
The plant started functioning in 1992 and worked to its partial
capacity.
In 2001, the enterprise was free of debts.
In 2006, 90% of Nairit's shares were sold to British Rainoville
Property Limited for $40 million. The remaining 10% belong to Armenian
Government.
ARKA
Dec 25, 2008
YEREVAN
The global financial crisis has halted Yerevan's Nairit, the press
office of the chemical plant reported on Thursday.
"The global crisis lowered demand for synthetic rubber. As a result,
the lower demand has reduced Nairit's exports, since the plant works
only for consumers", the press release says.
This paralyzed the plant's operation and caused technological halt
until February 1, 2009.
The press office says that 1,528 (55.7%) of 2,744 workers sent to
forces leave. The live will last until March 1, 2009.
The plant's administration will pay salaries to these workers in
accordance with the Armenia's labor code.
The press office says that jobs can be cut only as a result of
transition to self-financing in 2009 - the crisis can't prompt
dismissals.
"The press office of Nairit CJSC is empowered to state that the company
has no payable wages and equated payments for industrial and service
units' personnel for October", the report says.
The wages and equated payments total AMD 241.5 million, of which 33.8
million were paid on December 23, 51.2 million on December 24 and
wage arrears (AMD 156.5 million) will be repaid before December 27,
12 days later than the term implied by the law.
Nairit was the only plant producing chloroprene rubber in the S
oviet Union.
In 1989, the plant was closed for environmental reason.
The plant started functioning in 1992 and worked to its partial
capacity.
In 2001, the enterprise was free of debts.
In 2006, 90% of Nairit's shares were sold to British Rainoville
Property Limited for $40 million. The remaining 10% belong to Armenian
Government.