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.
Kienle+Spiess Hungary Kft, based in Tokod (Komárom-Esztergom county) has announced a mass redundancy measure, which affects 105 out of its 450 employees.
The company justified its decision with the falling demand for their products driven by the global economical crisis. For those dismissed, the company organised a job seeking training beside initiating contact/cooperation with the local employment centre in order to help former employees to find a new job. They also claimed that lay-offs were indispensable in the light of ongoing investments in the company (i.e. the expansion of its 13,000 square meter production plant with 6,000 square meter new storage facility.
Kienle+Spiess Group, owned by Bavaria Industriekapital AG., is based in Sachsenheim (Germany). It produces generators, electro-motors and their parts. The group is made up of four plants: two in Germany one in the UK and one in Hungary, this latter was established in 1996.
Eurofound (2009), Kienle+Spiess Hungary, Internal restructuring in Hungary, factsheet number 69238, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69238.