The enterprise was affected in 2008 by the financial crisis, whose strongest effects included a sharp drop in average export prices of its main products (by up to 32 percent, in case of PVC), the liquidity shortage of local clients, higher interest rates on the interbank market, and the fluctuation of the leu/euro exchange rate in last year’s second half.
Moreover, the company was forced to reduce production to 55 percent in last year’s final quarter, registering losses in terms of salary payments and equipment maintenance costs.
Oltchim is controlled by the Romanian state, through the Ministry of Economy, which owns 53.26 percent of the stock. The main minority shareholder is the Polish PCC SE company, with a 12.89 percent package.
