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.
Ibiden Hungary Kft., subsidiary of the Japan-based Ibiden Co. Ltd, has announced the layoff of 430 of its workers, including administrators and management staff. The decision will affect employees and temporary agency workers alike, which makes up more than one third of its 1,200 workforce in Dunavarsány (Central Hungary).
The Hungarian ceramics division, producing spare parts for the car industry, mainly lining filters for escapes, was opened in June 2005 with only 200 employees. The reorganisation, planned for the first quarter of 2009 is a consequence of decreased demand for the company's products as a result of the global economical crisis.
Previously, the plant had hoped to endure the crisis only by reducing working hours and closing production lines temporarily but the delay of the new EURO 5 emission standard, which could have boosted demands shattered such hopes. So far the company has not announced any support scheme for the affected workers.
Eurofound (2008), Ibiden, Internal restructuring in Hungary, factsheet number 67754, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67754.