CHINA: Polyester Giant Sinopec Yizheng To Axe 3,000 Jobs
China's largest polyester fibre maker, Sinopec Yizheng Chemical Fibre Co, on Monday revealed plans to axe 3,000 jobs over the next couple of years as part of a continuing cost-cutting programme. The company said in a statement it will cut its workforce to 12,500 by 2005 and expects overall polyester raw materials and products prices to rise and fluctuate sharply in 2003 due to higher oil pirces.
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