Kremenchug Wheel Plant Idles Production

Ukrainian cold-formed steel wheel maker JSC Kremenchug Wheel Plant has opted to suspended production between 12 February and 16 March. According to a report published at Russian news site, ityre.com, the company cited sharp declines in demand as the reason. Kremenchug Wheel Plant reportedly also intends to lay off 334 people. The latest move follows an earlier decision to reduce its working week from five to three days.

The board of Ukraine’s sole cold-formed steel wheels maker relieved Vicor Gavrilenko of his responsibilities as a board member on 16 February appointing Vladimir Kovalenko and Vladimir Kozlov in his place. Gavrilenko had been a board member since 16 March 2007. He is also a minority shareholder of the plant. Both Kovalenko and Kozlov have taken up a 1-year term. They are also both minority shareholders of the plant.

Kremenchug Wheel Plant produces more than 155 wheels, rims and wheels parts including steel wheels for agricultural vehicles, trucks and buses. 41.85 per cent of shares in the plant belong to local residents and so-called “non-legal bodies.”