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Grupa Kapitałowa Grupa Azoty
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In efforts to finalize a long-term agreement with financial institutions, the Management Board of Grupa Azoty has set up a cost optimization team focused on employee wages within the Grupa Azoty Capital Group and on analyzing Collective Bargaining Agreements (CBA). Additionally, the Management Board of Grupa Azoty, along with the Boards of key Capital Group companies, has requested from the Company’s Trade Union Organizations the suspension of certain costly CBA provisions. These initiatives aim to create unified solutions across the entire Capital Group, update CBA provisions, and adapt some solutions to the current financial situation.
In the coming days, representatives from the management and trade unions across the Capital Group companies will meet to discuss the provisions of the collective bargaining agreement. The Management Board of Grupa Azoty emphasizes that due to the financial losses reported by Capital Group companies in recent quarters, it is crucial to urgently agree on and implement a long-term recovery plan.
"While negotiating with financial institutions, we are also focused on strengthening our operations and achieving specific synergies and savings. Establishing a cost optimization team for employee wages, analyzing CBA provisions, and initiating talks with trade unions are tough but necessary decisions given our current financial standing. Notably, these actions follow prior cost optimizations in the functioning of management and supervisory bodies as well as managerial staff. The overarching goal is to sign a long-term agreement with financial institutions and guide Grupa Azoty back to stable growth," said Adam Leszkiewicz, President of the Management Board of Grupa Azoty S.A.
Grupa Azoty notes that over the past three months, the number of organizational units, director positions, and managerial wage costs have been reduced. The number of members in the management and supervisory bodies within Group companies has also been significantly decreased.