Poland's KHS Krosno glassworks plan to cut 1 job in 3 over the next 6m. The planned redundancies will affect around 1,200 people, making them the biggest in the last 10 years. The company's situation has been deteriorating since January 2008 because of the continued depreciation of the dollar & rising gas prices. "The majority of our exports were sold to the US, with the annual value of our contracts there amounting to USD 100M. The management board failed to react in time to the situation & before we were able to find new foreign markets for our produce, our exports to the US became unprofitable", said KHS Krosno employees. Main shareholder Zdzislaw Sawicki estimates that the cutbacks will reduce monthly operating costs by PLN 2M. In 2007, the company generated net profits of PLN 5.3M, as compared to net losses in 2006 of PLN 8.8M.
