Chimcomplex, Romania’s largest chemical company and part of the CRC Group (BVB: CRC), will lay off 1,200 employees, shut down energy-intensive production lines, and expand its trading division, owner Ștefan Vuza announced in the company’s annual financial report. The businessman accused the government of failing to include meaningful support for the chemical industry in its economic recovery plans.

Vuza said that despite repeated discussions with officials, the recently announced economic stimulus package offers no concrete measures for the energy-intensive chemical sector, Economica.net reported. As a result, the group will pivot more aggressively toward trading activities, planning to import chemical products worth an additional EUR 1.2 billion annually from countries with what he described as “fair energy policies.” Such a shift, he warned, could widen Romania’s current account deficit by an estimated 15% in the chemical products segment.

Beyond the 1,200 direct layoffs, the restructuring is expected to have wider repercussions. Vuza said that, vertically and horizontally, up to 5,500 jobs could be affected within Chimcomplex and its partner network.

The CRC Group will also halt two of its five planned production investment projects, citing an increasingly unpredictable business environment. Some of these projects were backed by funding under Romania’s National Recovery and Resilience Plan (PNRR), and their suspension could lead to the loss of up to EUR 150 million in non-reimbursable EU financing for Romania.

Chimcomplex, which operates assets including the Râmnicu Vâlcea chemical platform, formerly part of Oltchim, ended the previous year with a positive EBITDA of RON 62 million but posted a net loss of RON 179 million. The company attributed the negative result primarily to soaring energy costs, with natural gas prices rising by 30% and electricity prices by 15% during the year, on top of steep increases recorded in 2024 of 78% for gas and 37% for electricity.

CRC currently has a market capitalisation of approximately RON 2.4 billion (around EUR 480 million), after its share price declined by 24% y/y.

iulian@romania-insider.com

(Photo source: the company)