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.
Construction Construction Of Buildings And Infrastructure Engineering Civil Engineering 42 - Civil engineering
250 jobs Number of planned job losses
Announcement Date
21 November 2008
Employment effect (start)
1 January 2009
Foreseen end date
28 February 2009
Description
Vegyépszer Építő és Szerelő Zrt, a construction company, has announced 250 job losses in Hungary.
Vegyépszer Építő és Szerelő Zrt. finalized plans of internal restructuring in preparation for changes to the market resulting from the global economic crisis. The measure involved the laying off of 250 employees (27% of its total work force). Originally local newspapers forecast a higher number of dismissals, estimating numbers as high as 47% of the total workforce (some 400 workers), but the management implemented fewer layoffs than expeccted. The company offered dismissed workers the possibility to carry on working for the firm in Romania.
Vegyépszer is a major construction company, with the highest capital stock in the Hungarian market. Besides building highways and bridges, the company takes part in other civil engineering constructions.
Sources
21 November 2008: Világgazdaság
25 November 2008: Népszabadság
21 November 2008: Index
Citation
Eurofound (2008), Vegyépszer Építő és Szerelő, Internal restructuring in Hungary, factsheet number 69241, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69241.
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