Staffers of Christlieb Nigeria Ltd once of Nigeria largest multi-nationals are now in fear following the spate of retrenchments in the company which has seen over 200 staffers out of the company in the last two weeks.
According to Christlieb sources about 160 junior workers, 10 supervisors, 20 managers and four directors have been relieved of their duties.
Industrial sources told The Republic that the company, once of the conglomerates quoted at the stock exchange has been facing problems.
According to sources in the past few months the company has had huge stocks of finished inventory as a result it had cut-down on its operations in a number of its subsidiaries.
According to Christlieb informed sources the products of Danafco Pharmaceuticals Limited and Christlieb Plastic and Packaging have not fared well.
The products which include Pengo analgesic tables Snowwhite toothpaste and Danaleen Petroleum jely taken together contributed about 38% in 1986 to the group sales.
This show a drop of about 6% when compared to its 44% contributed in1985.
It is feared that the percentage contribution of this sector will fall considerably in the 1987 group result.
Sources also said that the withdrawal of children’s Pengo from the market contributed considerably fortunes of this Christlieb subsidiary.
The company’s dwindling fortunes had made it to abandon its fisheries production plans. The company is believed to have leased out if cold storage warehouse facility at 39 Creek Road, Apapa.
Capital market sources told The Republic that the company has resorted to hide and seek game about its operation to make keep the present market value of its share.
Stock broker said they are watching the company’s operations closely and wold soon come out with the present worth of its shares.
When The Republic called at Christlieb the officer acting as the public relations manager refused to comment on the issue.
