Sabic plant hit by union action in the Netherlands
- Saudi Arabia: Saturday, February 02 - 2013 at 17:34
One day after the US bellwether index Dow Jones Industrial closed above 14,000 (a first since Oct. 2007), the Saudi Stock Exchange gained 0.20% on the first trading session in February and closed at 7,057.59 points. The world's biggest petrochemicals producer Sabic saw its shares ending flat at SR94. Earlier in the day, Sabic said a decrease in production occurred at its Sabic Europe Chemicals Geleen plant in the Netherlands. The decrease in production began on Jan. 31 "due to the a proactive measure taken by the union workforce as a consequence of no finalized agreement regarding work conditions." Sabic said it was not possible to determine the financial effect or the effect on production capacity, at this time, because the affected plants are not yet known. "Any further major updates in this regard will be announced in due time," said the company in a statement to the public posted on the Saudi exchange's website.
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