Mauritius Stationery Manufacturers: Restructuring due to Financial Difficulties

12 years, 2 months ago - February 17, 2012

Mauritius Stationery Manufacturers are forced to take drastic decisions. In an attempt to return to profitability within two years, the printing press made the decision to separate a portion of its staff.

On its 621 employees, 195 have received their roadmap. In the lot, there are 80 voluntary redundancies, early retirement 40 and 75 redundancies.

MSM has suffered Rs 10 million deadweight losses per month. Past three years have resulted in significant deficits.Just for the fiscal year ending June 2011, the company realized Rs 163 million losses.

Besides reducing the number of employees, MSM has also decided to only put two of its three production sites. Other restructuring measures, the company decided to outsource some functions such as transportation to third parties.

The company also plans to sell its unused or obsolete equipment and focus on activities that constitute the strengths of the company.

MSM ensures that despite its difficulties the employees who leave will be fully compensated in accordance with legal provisions. Licensees will receive 15 days pay per year of service with an extra 5%.

The Chief Executive of the company, Herve Duranton, believes that 2012 will be a decisive year for the company.The future of MSM depend on the success of restructuring measures.

Text by lexpress.mu

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