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.
In December 2009, household appliance manufacturer Elekthermax Háztartási Készülékgyártó Kft closed its production facility in Pápa (Veszprém county) and all 120 employees lost their jobs.
In October 2008, the company was bought by Sani-Konzultant, a Moscow-based firm. The new owner's hope to turn the Hungarian facility into one of the major supplier of convectors for the Russian market vanished at the onset of the global downturn. Production stopped in February 2009 and the liquidation process was initiated in March. Although production resumed in the following months, it had to be stopped again due to continuing unfavourable market conditions. Selling the company failed in the liquidation process.
Eurofound (2009), Elekthermax Háztartási Készülékgyártó, Bankruptcy in Hungary, factsheet number 70111, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70111.