Lafarge Jordan Cement has announced it would be cutting 200 jobs to remain in business after accumulating losses of JOD62.2m (US$87m) following the closure of one plant in the country and the partial shutdown of another, according to Reuters. The company recorded losses of JOD34.6m in 2018, compared to JOD33.3m in the previous year.
"The decision is part of the company plan to ensure its continuity," said Samaan Samaan, CEO of Lafarge Jordan Cement, to Reuters. Mr Samaan also noted that the decision to reduce its workforce of 550 includes termination packages.
Jordan’s cement market has reportedly seen demand fall to 4Mt against a capacity of 9Mta. Furthermore, the construction sector has seen a decline in infrastructure and housing projects.
The company’s 2Mta Fuhais plant was closed six years ago, while it has only been operating one line at its Rashidiya facility since mid-2010 following the demand decline.
