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.
In November 2005 Hella Electronics Romania, a company of the Germany-based Hella KGAA Hueck & Co group, started a new EUR 10 million investment in Timişoara (Timiş county, Vest region), aimed at building an electronic components factory for the automotive industry. At that time, the company's officials said that the new production facility would be completed by the end of March 2006 and the production of electronic components and systems for cars (xenon switches, brake pedals, etc.) was scheduled to commence in two months after that date. The new facility's area will be 8,200 square metres, 4,800 square metres of which will be used for manufacturing operations. In October 2006 the company's officials announced the opening of the new factory. The total investments reached EUR 12 million. According to the initial figures confirmed on 12 October 2006, the German company will hire about 200 workers in 2006 and then double the number of employees after the first year of operation. It is estimated that once Romania joins the European Union, this number could increase to as many as 600 employees. Annual consolidated sales for the Hella Group were USD 3.8 billion in 2005. A total of 24,000 people are employed in 65 production facilities, production subsidiaries and joint-venture companies. More than 2,900 Hella engineers and technicians work in research and development.
Eurofound (2006), Hella Electronics Romania, Business expansion in Romania, factsheet number 62678, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62678.
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