Brazil's OSX Fires 300 in Restructuring

By MarEx 2013-05-23 09:54:00

OSX Brasil SA, the shipyard and ship leasing company controlled by Brazilian billionaire Eike Batista, fired 300 employees as part of an effort to cut costs, O Estado de S. Paulo said on Thursday. According to Estado, which did not cite anyone as the source for the information, the company decided to slow down construction of a shipyard until receiving new orders.

The move is the latest in a plan by Batista's energy, logistics and mining empire to retrench following missed targets, project delays and a consequent selloff by shareholders. Batista became Brazil's richest man in recent years after raising billions of dollars amid booming demand for Brazil commodity-related investments, but lost his standing after the selloff helped slash over $20 billion from his fortune in the past year.

Calls seeking comment from a spokeswoman for the company in Rio de Janeiro were not immediately answered.

Copyright Reuters 2013.