General Manager, Rupert Greene, explained that the company had been recording significant losses since 2008 while its cost of production was significantly higher than the other subsidiaries in the parent TCL Group.
He said the selection of employees for redundancy will be done in accordance with the Collective Agreements currently in force with the Barbados Workers Union (BWU) and the National Union of Public Workers (NUPW) and that all levels of employees were being affected. The company will be meeting with employee representatives shortly to consult on the restructuring programme.
Greene also gave the assurance that although Arawak was currently financially challenged, it would endeavor to provide all the entitlements due to those being affected, in accordance with the Laws of Barbados. The company would also provide counseling and support services to assist them in making the transition.
The high cost of energy and labour were identified as the two largest components affecting the company, whose viability was at risk unless the current mode of operation was significantly transformed.
Greene added that the restructuring programme demanded implementation of efficiencies in operational processes for the production of cement and the containment of costs. It is aimed to achieve a reversal in the level of losses, improved operational efficiencies, repositioning for competitiveness in the domestic market and reclaiming market share in export markets.