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KEO: Dismissals were deemed necessary

17/09/2003 14:25
KEO Ltd announced on Tuesday the dismissal of 40 employees (out of 720) due to “redundancy”. The decision was taken in agreement with the trade unions.

Board Chairman, Elias Pantelides told “StockWatch” that this act was deemed necessary, so that the company will be able to reduce the production cost after the large investments made for the upgrading of its building facilities and the purchase of new automation systems.

“This decision is expected to have positive impacts for the Company in the mid and long term”, Mr. Pantelides said, stressing that all dismissed employees (including lowly and highly paid) will receive their legal benefits.