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.
Manufacturing Manufacture Of Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Other Non-Metallic Mineral Products 23.41 - Manufacture of ceramic household and ornamental articles
200 jobs Number of planned job losses
Announcement Date
10 November 2005
Employment effect (start)
Foreseen end date
31 December 2005
Description
Herendi Porcelánmanufaktúra plans to reduce the number of its employees. The company is likely to close its worst year ever. The 7.2 billion Forint turnover originally planned for 2005 is to be about 1.5 billion Forint less, and the loss will amount to some 100 million Forint. The company's main aim is to stabilize its position in the market, which is expected to be rather difficult, because the entire luxury industry is in a critical situation worldwide. The porcelain manufacturer is taking restrictive measures by laying off over 200 workers of its current staff of 1,350 by the end of 2005, and by halving the senior management's salary.
Sources
11 November 2005: Világgazdaság
10 November 2005: Napi Gazdaság
Citation
Eurofound (2005), Herendi Porcelánmanufaktúra, Internal restructuring in Hungary, factsheet number 62512, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62512.
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