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 photochemical company Forte is closing down and all 150 employees will be laid off from February 2007. The 85-year old company, which manufactured black and white photo paper and black and white photo film, had faced severe financial difficulties for the past years and its workforce had gradually been decreased from 300 in 2003 to the current 150. The government-owned company went under liquidation in 2004, having debts of HUF 800 million. The production restarted in early 2005 when the company was privatised. The owner, Forte-invest Tőkebefektető Kft., blames low turnover and high expenses for last year’s losses, which amounted to HUF 170-200 million, and for the eventual closure of the factory. The employees have received their terms of notice and the local employment office has been notified of the redundancies as well.
Eurofound (2007), Forte, Closure in Hungary, factsheet number 64887, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64887.