Possible cuts at Grupa Azoty as PLN 10 bln debt grows

Grupa Azoty has established a team to optimize employee compensation costs, aiming to standardize solutions across the company, according to CEO Adam Leszkiewicz. Unions fear the company, with nearly PLN 10 billion in debt, may go bankrupt. Currently, different labor agreements apply in each subsidiary, and the goal is to create unified solutions to adapt costly provisions to the financial situation. Initial cost-cutting measures targeted management, reducing organizational units, and managerial positions.

Intense negotiations with unions are ongoing to possibly suspend certain costly compensation elements. The company faces significant financial challenges, reporting over PLN 4 billion in losses over six quarters.

(wnp.pl)