Triangle announces phased retrenchment of worker...

Triangle announces phased retrenchment of workers

Zim Now Reporter

As economic hardships persist in Zimbabwe, Triangle Limited, one of the country's leading sugar producers, has announced a phased retrenchment of its workforce due to severe financial challenges.

According to the company, the decision was reached after careful deliberation and extensive evaluation of operational and economic realities. Triangle Limited emphasized that the move aims to safeguard the long-term sustainability of the organization.

The retrenchment process will unfold in three phases. The first phase is set to be completed by the end of February 2025, followed by the second phase by the end of May 2025, and the third phase by the end of August 2025.

“We understand the significant personal and professional impact this decision will have on our employees and their families, and we deeply regret the need to take this step,” the company said in a statement.

“We will engage closely with union representatives, employee committees, and other stakeholders to ensure this process is conducted in a manner that upholds fairness and transparency.”

The company attributed its financial woes to escalating operational costs, inflationary pressures, currency losses, and competition from low-cost, duty-free imported sugar. Despite implementing various cost-reduction and revenue-enhancement initiatives, these measures have proven insufficient to stabilize the business.

Triangle Limited's Managing Director, Tendai Masawi, reiterated that the decision to retrench employees is a direct response to economic challenges and not a reflection of the workforce’s commitment or performance.

“This decision was not taken lightly,” Masawi said. “We recognize and value the dedication of our employees, but these measures are necessary to secure the company’s future.”

The company has committed to providing fair severance packages and support programs for affected employees. These programs will include access to employee assistance initiatives to offer emotional and psychological support during the transition.

The retrenchment exercise forms part of Triangle Limited’s broader Project Zambuko strategy, which is focused on restructuring and stabilizing the business amid ongoing economic pressures.