Mefin Sinaia sheds 600 jobs

The newly privatised maker of injection pumps for diesel engines Mefin Sinaia will soon lay off 600 of the nearly 1,900 employees it had at the end of March. The decision is the outcome of the programme launched by the Privatisation Authority (APAPS) in mid March and aimed at restructuring by collective layoffs, even though the company has already been privatised. At the end of the same month, US-based DCI Walbridge Partners bought 72% in Mefin for $1.35 million and undertook to keep 1,300 employees for five years. The Americans also pledged to make $2 million’s worth in investments. DCI Walbridge is part of the Walbridge Aldinger Detroit Group, one of the largest automotive companies in the world. Q1 saw Mefin cut losses by 70% compared with the same time last year, with the net loss in Q1 reaching 4.2bn ROL. The turnover went up 25% in nominal terms to 100bn ROL. ZF