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.
Nokia supplier BYD has announced the dismissal of 114 employees (accounting for more than 50% of its total workforce). On 22 January, the Chinese owned company informed the authorities of the mass redundancies. The plant producing mobile phones and its spear parts was bought by BYD from the South Korean Mirae just a year ago. Notwithstanding as a result of the global crisis, the company announced layoffs, effective from 7 March. The company was founded in 1995 with only 30 people but today in China employs more than 100,000 workers. It is an important player in the market of rechargeable batteries and in the production of telephone cases and keyboards. The company also produces, though in a separate corporate structure, a variety of cars that amount to 30% of the BYD's annual turnout.
Eurofound (2009), BYD Electronics, Internal restructuring in Hungary, factsheet number 68827, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68827.