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.
German based cable manufacturer Leoni is planning a mass redundancy of 330 employees at its Northern Hungarian unit, Eger, where cable harnesses for the automotive industry are produced. The mass redundancy is going to take place in the following four months, leaving 400 workers in the unit by the end of August. Most of the employees to be dismissed are blue collar employees. The reason behind the mass redundancy, claimed the director of the unit, is the decline in prices in the supplier market of the automotive industry and the production costs in Hungary cannot ensure profitability. From now on only small-scale production of cables will continue at the Eger unit, while large scale production will be moved to Tunisia.
Eurofound (2007), Leoni Hungária, Internal restructuring in Hungary, factsheet number 65240, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65240.