Baltic States – CIS, Employment, Latvia, Legislation, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 19.04.2024, 16:49

Situation in fish processing industry tense due to sliding Russian ruble

BC, Riga, 19.12.2014.Print version
The situation in the fish processing industry is tense at the moment as a result of the tumbling Russian ruble, yet there is still hope as companies are more or less successfully expanding into new markets, thus the industry is expecting improvements in the coming couple of months, as Andris Bite, a representative of the Union of Latvian Fish Processing Industry and a co-owner of Karavela fish cannery, said commenting on the information about 400 employees being laid off at Ventspils zivju konservu kombinats (Ventspils Fish Cannery), cites LETA.

"We have discussed the situation in Ventspils and concluded that the company did the right thing. While the company is gathering strength and mobilizing itself for new markets, employees should not waste their time and money. It is only logical that people are applying to the employment bureau. There is no reason to panic, it is clear that the company will fully resume its operations," Bite said.

 

He indicated that Latvian fish processing companies have analyzed alternative markets in Western Europe. The industry will eventually recover from the consequences caused by the Russian ruble's fall.

 

The Ventspils fish cannery said yesterday that it would temporarily scale down production and lay off 400 workers due to the falling value of the Russian ruble. The company said it would adapt to the new situation and that its development would continue.





← Back↑ Up

Русский
Search site