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.
The ongoing global economic crisis, profoundly affecting the car manufacturing industry, is taking its toll in the Hungarian production facilities of ZF Friedrichshafen AG also. As a consequence of falling demand worldwide, ZF Hungary Zrt and the Hungarian subsidiary of ZF Lenksysteme - both of them based in Eger (Heves county) - initiated a downsizing of 130 and 30 employees respectively. Ulrich Diller president-director of all ZF's activities in Hungary indicated that despite the lay-offs and the dire economic situation the company will carry on with the developments initiated in 2008.As a complementary measure the firm also implemented a four-day work week with the aim of further cost reduction. For the fifth day the company pays 50% of worker's salaries though it sends employees on training that day. ZF Hungary produces gearshifts while ZF Lenksysteme manufactures steering systems. ZF initiated operations in Hungary in 1996.
Eurofound (2009), ZF Hungary and ZF Lenksysteme, Internal restructuring in Hungary, factsheet number 70014, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70014.