Cementos Portland to cut 250 jobs, Spain

Spanish cement producer Cementos Portland Valderrivas is to cut 250 jobs throughout its Spanish operations after the summer and will temporarily halt production of plants in the Catalonia region.

Spanish press have reported that an agreement on these measures has been made between management and trade union members.

Some 160 jobs will be cut through retirement plans for people aged 58 and above. Another 60 employees will occupy new positions while 30 can opt to move to relocate to other Portland plants or leave the company with severance pay, depending on years of service. 

The move aims to make the process of refinancing EUR1.4bn debt easier. Cementos Portland has recently launched a strategic Plan NewVal 2012-2013 based on revenue increase, cost reduction and adjustment of production capacity to the current market situation. (Source: Expansion).