EMCC European Monitoring Centre on Change

CFR Marfa

Company/Organisation:
CFR Marfa

Geographic Location

Country: Romania

Company

Sector: Transportation / storage
Transportation and storage
49.41 - Freight transport by road
Number Employed: 8876

Employment Effects

Announcement Date: 28-03-2013
Planned Job Reductions min: 2500
Planned Job Reductions max: 2500
Type of Restructuring: Internal restructuring
Employment Effect Start: 28-03-2014
Foreseen End Date: 31-12-2014

Additional Information

CFR Marfa, the largest rail freight transport company in Romania, will cut 2500 jobs in 2014, following commitments by the Government to the IMF.

The government has committed to an aggressive restructuring of the company CFR Marfa and to continuing the privatization process with a strategic investor. According to the draft budget for 2014, CFR Marfa will cut 2500 jobs this year. The document, released in November 2013, estimates that the company will have 6376 employees after the job cuts in 2014. Expenses worth 16.8 million RON (3.7 million Euros) are also being mentioned for redundancy payments. At the end of March 2014, the dismissal procedures were initiated by the companies' board.