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Kherson cotton unit to halt production till April 1
16
Feb '11
OJSC Kherson cotton factory's supervisory council has taken the decision to stop its production till April 1, 2011.

A posting on the State Property Fund's (SPF) website revealed that the factory is likely to pay two-third wages to its workers during the interim period.

At present, the SPF holds more than 25 percent share of the factory. The decision has been taken by the supervisory council of the factory at a meeting held recently.

As per the posting, the key factors that led to the above decision are the three-fold hike in the prices of raw materials that are imported from abroad, the company's insolvency and a lawsuit that asks for the return of 51.76 percent share of the factory to state authority.

The cotton producing unit has been established way back in 1954. It continued to be one of the biggest cotton manufacturers in Europe.

Presently, SPF holds more than 25 percent share of the company, while 51.76 percent share is with PJSC Volyn silk factory (Lutsk).

Fibre2fashion News Desk - India

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