Bulgaria's 'Arsenal' Military Plant Braces for Massive LayoffIndustry | February 3, 2012, Friday // 10:09| views
Over 900 employees of Bulgaria's Arsenal Kazanlak, one of the largest military factories in the Balkans, will be laid off, it was made clear after the plant's managing body met with representatives of the local municipality.
Approximately 600 of the workers about to be laid off are employed on temporary contracts, while 94 have reached the age of retirement, the Bulgarian National Radio clarified on Friday.
The layoff of employees on temporary contracts will be launched on February 13, while those on full-time contracts will start leaving on March 1.
In 2011, the Bulgarian state picked a buyer for its 35.78% share at Arsenal Kazanlak.
The buyer of the minority stake was the actual majority shareholder, "Arsenal 2000", a private firm, which will own 99.63% of the Arsenal military plant located in the town of Kazanlak in Central Bulgaria.
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