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.
On 6 January, Ajka Crystal announced a mass redundancy measure affecting two thirds of its workforce. Among those made redundant 220 are blue collar workers and 30 are administrative staff totalling 250 of the current 366 workers. The company attributed its decision to the economic crisis in the USA, the major market for the company, from where 20-25% of all orders were cancelled in last November. The company initially tried to counterbalance falling demands by putting workers on statutory holidays; however, in the end, after a failed attempt to obtain government funds for rescuing jobs (the company's application was ruled out for a previous minor overtime related Labour Code infringement) substantial layoffs were initiated.The company, established in 1878, produces hand made artistic glasses bottles and crystal bowls and painted china. The company was nationalised in 1948 with 409 employees and privatized by its present owner, FOTEX Rt., in 1990.
Eurofound (2009), Ajka Crystal, Internal restructuring in Hungary, factsheet number 68266, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68266.