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.
Shinwa Co, a producer of music systems for cars, has made 100 workers redundant at a production facility in Miskolc, Hungary.
Shinwa Co. Ltd, with corporate headquarters in Hong Kong, established its Hungarian subsidiary, Shinwa Precision Hungary, in 1998. The plant started by producing tape recorders for cars; however, over time it started the production of CD players and complete hi-fi systems for cars. Though the management initially indicated that present layoffs had nothing to do with the global economic crisis, it subsequently admitted that in light of the numerous announcements of closure and suspension of production of its major buyers, dismissals had become inevitable.
Eurofound (2008), Shinwa Precision Hungary, Internal restructuring in Hungary, factsheet number 69237, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69237.
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