ECONOMY

Heracles to shut Halkida plant

The AGET Heracles cement company, part of French group Lafarge, is set to shut down its production unit at Halkida in central Greece as its management have reached the conclusion that the plant is nonsustainable.

The reasons are the 80 percent decline in construction activity in nearby Attica, which was the main market for the Halkida plant, and the low competitiveness of the unit itself compared with the company’s two others at Milaki on Evia and in Volos.

According to sources, the listed company will try to transfer some of the plant’s 236 employees to its other units, although it is not yet clear how many individuals that will concern or what will happen with the rest of the employees at Halkida, with dozens of layoffs being the most likely scenario at the moment.