Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Czech engineering company Cylinders Holding announced that it will massively increase its production of medical gas cylinders and will hire at least 100 new employees at its Ostrava site. The enormous growth in demand for medical cylinders was noticeable since February 2020, when orders from Italy and Spain spiked due to the outbreak of COVID-19.
Vítkovice group is the world's biggest manufacturer of seamless steel high-pressure cylinders. According to the latest reports, the company's sales amounted CZK 2.7 billion (€100.5 million as at 15 April 2019) in 2018 and net profit in the same year was CZK 123 million (€4.5 million).
Currently, the Ostrava plant has 500 workers. The company operates also in Poland and Belarus.
Eurofound (2020), Cylinders Holding, Business expansion in Czechia, factsheet number 100247, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100247.