CEZ preparing lay-off

02-11-2004

The power giant CEZ, which employs some 7,000 people, is planning a big lay off in the coming months. CEZ spokesman said there would be large-scale changes ahead but he would not disclose how many people would be laid off, saying only that it would be "thousands rather than hundreds". The conglomerate is to be transformed into a holding company, comprising the parent and ten subsidiaries. The aim is to make the company's structure clearer, its management more effective and its services better, the spokesman said.