Fabec Estonia to cut 45 employees

Fabec, with operations in Göteborg Sweden and Tallin Estonia, was recently acquired by Swedish competitor EDC AB. At the moment Fabec makes a loss of approximately 100.000 Euros per month. One of the moves to stop the negative cash flow Fabec needs shed half of its 90 employees in Estonia. The new management beleives they need to invest approximately 5 million Euros in Fabec to turn it in to a profitable company. In a few years time EDC believes Fabec can run a turn over of 25 million Euros per year.