Type
Closure
Country
Bulgaria
Region
Yuzhna Bulgaria; Yugozapaden; Sofia
Location of affected unit(s)
Kostenetz
Sector
Manufacturing
Manufacture Of Wood And Paper Materials
Manufacture Of Paper And Paper Products
17 - Manufacture of paper and paper products

150 - 180 jobs
Number of planned job losses
Job loss
Announcement Date
18 September 2017
Employment effect (start)
18 October 2017
Foreseen end date

Description

In September, the management of one of the oldest paper factories in Bulgaria Kostenetz Paper Mills announced that it will cut 150 employees of a total of 180 staff as of 18 October 2017. The reason for the job losses is an explosion that destroyed the building and the machinery of the paper mill in Kostenetz nine months ago. The insurance, which was to cover the damages amounting to over EUR 20 million, has not yet been paid.


Sources

Citation

Eurofound (2017), Kostenetz Paper Mill, Closure in Bulgaria, factsheet number 92239, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92239.