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.
Alfod es Eszak; Eszak-Magyarorszag; Borsod-Abauj-Zemplen
Location of affected unit(s)
Hollóháza
Sector
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
70 - 100 jobs Number of planned job losses
Announcement Date
13 December 2005
Employment effect (start)
Foreseen end date
Description
State-owned porcelain maker Hollóház is to receive a Ft 80 million loan from its owner, the State Privatization and Holding Company (ÁPV), mainly to finance a dismissal programme. Hollóház will use the loan for severance pay for 70 to 100 of its 370 staff. Hollóház needed to turn to ÁPV for funding after MKB Bank decided to stop financing it. Hollóház expects to close its financial year with losses of Ft 50 million and sales revenue of Ft 1 billion.
Sources
13 December 2005: Népszabadság
Citation
Eurofound (2005), Hollóházi Porcelángyár, Internal restructuring in Hungary, factsheet number 62635, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62635.
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