Bulgaria’s biggest arms producer Arsenal will lay off 2,000 employees as demand has fallen since the start of the coronavirus (COVID-19) outbreak, Bulgarianmilitary.com reported on March 26.
The global coronavirus pandemic has led to increased spending on healthcare, often at the expense of defence spending.
The company will lay off 2,000 of its 9,000 workers on April 29 and has already informed the labour agency.
The decision was made because of the significant decrease of orders in the last few months, and the unpredictable situation on international markets in the coming months.
Issues related to cross-border transport corridors have caused delays in the supply of tools, chemicals and other materials the company needs for its production, as well as in the delivery of its products. Arsenal is completely export-oriented. Arsenal has also suffered from the global decline in price of oil.
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