Redundancies manage to help save Kogeneracja

Power group Kogeneracja is concluding a program of voluntary lay-offs, which allowed the company to reduce its workforce from almost 1,000 to 780. "Everyone who wanted could leave the firm. In return we offered a year's average remuneration," said Kogeneracja spokesman Piotr Sztura. Last year the company created reserves amounting to over zł. 12 million for this purpose. "We received signals that about 15% of those who were leaving wanted to set up their own companies," added Sztura. He added that thanks to the redundancies and related lowering of costs, the company managed to avoid facing possible bankruptcy. Kogeneracja's directors hope that the rest ructuring program will improve the 2003 results of both the company and the whole capital group. Sztura announced that Kogeneracja has chances of closing the current year in the black. However, combined heating and power plant EC Zielona Góra, part of the capital group, is currently undergoing a zł. 500 million investment process. (Parkiet, p. 3) M.M.