PhosAgro expecting to save 2.7 bln rubles per year through personnel optimization
MOSCOW. Feb 10 (Interfax) - PhosAgro is expecting to save 2.7 billion rubles per year through personnel optimization, the fertilizer producer's financial director, Alexander Sharabaiko, said during a conference call in Moscow.
The company expects to achieve savings like this, not including compensation to staff who have been laid off, starting in 2015, said Irina Yevstigneyeva, investor relations head. The staff optimization should be rounded off in May this year with savings of around 1.3 billion rubles in 2014.
PhosAgro has said it will move the management of its enterprises from Moscow to Cherepovets, in the Vologda region. The management company CJSC PhosAgro AG would be relocated to Cherepovets, where the group's key investment projects are currently carried out at its PhosAgro-Cherepovets facility.
The Moscow division of PhosAgro will retain around 50 of its 147 staff; 40 have been or are about to be transferred to other divisions and more than 30 have agreed to move to Cherepovets. Around 20 are unable to relocate and their contracts have been terminated by mutual consent.
The PhosAgro group's assets include Apatit in the Murmansk region, PhosAgro-Cherepovets, Balakovo Mineral Fertilizers from the Saratov region and LLC MetaChem from Volkhov, Leningrad region.
