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.
Borsodchem, a producer of plastic raw materials, has announced the mass redundancy of 550 workers. The company indicated that the measure became inevitable as its major clients from the automotive, building and furniture manufacturing industry placed significantly fewer orders as a result of the global crisis. Borsodchemfirm is the biggest employer in Kazicbarcika and the 23rd largest company of Hungary. The company was founded in 1991 as the successor of the Borsodi Vegyi Kombinát (established in 1949) and became listed in the Hungarian stock exchange in 1996. Upon receiving the news of the dismissals, trade unions collected approximately 2,000 signatures of workers to demand help from the government . The mayor of the city also demanded governmental action. Negotiations have been initiated among company management, trade unions, local municipality and the national government with the aim to seek alternatives to the mass redundancy.
Eurofound (2009), Borsodchem, Internal restructuring in Hungary, factsheet number 68276, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68276.