May 21-After intense discussions with unions and local authorities, troubled Italian film maker Nuova Pansac has back-tracked on its decision made last week to fire 500 of its 850 workers and close two of its five plants. The talks were held earlier this week in the offices of the Ministry of Economic Development.
Nuova Pansac, which is a major supplier of breathable films for hygiene applications, is understood to have debts of around ?80m.
The company has withdrawn its redundancy notices, and instead plans to put an undefined number of workers on cassa integrazione, a form of government-funded benefit lasting up to a year that keeps the workers on the company s books while not actively employed. The decision to close plants in Portogruaro and Ravenna has also been rescinded.
The company will now hold talks with various parties on a future industrial plan. The situation at the company remains critical, company executives say.
Nuova Pansac, which is a major supplier of breathable films for hygiene applications, is understood to have debts of around ?80m.
The company has withdrawn its redundancy notices, and instead plans to put an undefined number of workers on cassa integrazione, a form of government-funded benefit lasting up to a year that keeps the workers on the company s books while not actively employed. The decision to close plants in Portogruaro and Ravenna has also been rescinded.
The company will now hold talks with various parties on a future industrial plan. The situation at the company remains critical, company executives say.
