BUDAPEST--Hungarian energy group MOL Nyrt. (MOL.BU) will lay off
700 people, around 12% of its total headcount, news website
Index.hu reported late Friday.
The company is aiming to reduce costs by as much as $550 million
through the move, which is necessitated by unfavorable developments
on its markets and the rising expenses of refining due to high fuel
prices.
MOL profit plunged 99% in the second quarter of 2012.
Index said the exact implementation of the layoffs will be
finalized by the middle of October and will equally affect blue
collar and white collar workers.
MOL wasn't immediately available for comment.
Newspaper website: www.index.hu
Write to the Budapest Bureau at budapest@dowjones.com
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