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.
Philip Morris ČR, a leading tobacco company, announced it will close its plant in Hodonín by the end of July 2005. The decision to close the plant will cause about 250 dismissals. The aim of restructuring plan is to increase competitiveness of the company, employing about 1,300 workers in the Czech Republic. The present factory in Kutná Hora would be the only one where the whole company cigarettes production is to be located in. Employees will be given redundancy payments amounting to 2 annual salaries. Estimated restructuring costs will reach 480 million CZK. Last year, the company net profit was 4.41 billion CZK.
Eurofound (2005), Philip Morris, Closure in Czechia, factsheet number 61404, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61404.