ECONOMY

Frigoglass slashes its work force

Greek cooler maker Frigoglass plans to shut down its Polish plant and cut 120 jobs at its Greek factory as the global economic slowdown hits earnings, it said yesterday. The world’s largest maker of drinks refrigeration equipment said it would reduce its work force at its Kato Achaia plant, in the Peloponnese, by 120 employees, out of a total of 210, through a voluntary redundancy scheme. «Rapidly deteriorating global economic conditions have made it necessary to broaden restructuring initiatives,» it said in a bourse filing. «This will ensure that Frigoglass is in a strong position to meet the current macroeconomic challenges as well as to benefit from the long-term fundamentals of the industry.» Analysts said the staff reduction shows management’s proactive approach toward production rationalization and will allow for a speedier margin recovery during 2010-11. Frigoglass shares fell 5.71 percent yesterday to 3.30 euros on the Athens bourse, versus a 0.45 percent retreat on the broader market.