By Veronika Gulyas
BUDAPEST--An ongoing management overhaul at refiner MOL Nyrt.
(MOL.BU), Hungary's largest company by revenue, isn't aimed at
cutting head count, the company's spokesman told Dow Jones
Newswires Tuesday.
"The aim is not to lay off staff," Domokos Szollar said, "but to
adjust to the firm's growing international presence."
The company is to set up a 500-strong international management
base in Hungary's capital, Budapest, separating Hungarian and
international operations. The firm launched an international
recruitment campaign Tuesday to find the most eligible staff for
this center, Mr. Szollar added.
The company also plans to give more freedom to the management of
local flagship arms, Croatia's INA d.d.(IINFJ), Italy's Italiana
Energia e Servizi and Slovakia's Slovnaft a.s. (1SLN01AE.BS), the
spokesman said.
The changes aren't expected to cost much and savings are as yet
unknown. The number of employees cannot change during the
overhaul--effective as of Oct. 1, Mr. Szollar said.
MOL generated net profit of 73.7 billion Hungarian forints
($321.1 million) in the first quarter 2012, down 20% compared to
the same period of the previous year.
MOL traded up 0.7% or HUF110 at HUF16,550 at 0847 GMT.
Write to Veronika Gulyas at veronika.gulyas@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires