Difficult situation in Grupa Azoty. Will there be layoffs?

Trudna sytuacja w Grupie Azoty. Czy będą zwolnienia?

Business Insider published a statement by Adam Leszkiewicz, CEO of Grupa Azoty, who does not hide the fact that the company is in bad shape and criticizes its previous management for overinvestment and lack of restructuring activities. A recovery plan is currently being implemented, but the future is uncertain.

The situation in the Azoty Group

President Leszkiewicz in an interview for TOK FM, quoted by Business Insider, says that agreements with creditors are signed until October 11, 2024. And it is not known what will happen after that date. That is why, as we learn, Grupa Azoty has established a team working on cost optimization. Especially working on remuneration issues.

And here the question about possible layoffs arose. It turns out that Adam Leszkiewicz does not rule out the need to eliminate some provisions concerning salary supplements or bonuses. But he also notes that group layoffs cannot be ruled out either.

– Our intention is to save as many jobs as possible, because chemical plants need these people – he says, quoted by the website.

Grupa Azoty: financing of the Polimery Police project extended until August 30 this year.

Trade unionists are concerned

Of course, there were concerns on the part of the employees. Although the unions understand the corrective actions in such a difficult financial situation of the company, they hope that there will be no layoffs.
Audits are ongoing in the company. Both large investments and smaller ones, such as sponsorship, are being examined.

Adam Leszkiewicz criticizes his predecessors. He speaks of overinvestment and lack of restructuring activities, despite the fact that signals of negative results appeared already in Q3 and Q4 2022.