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.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Fabricated Metal Products, Except Machinery And Equipment 25 - Manufacture of fabricated metal products, except machinery and equipment
170 jobs Number of planned job losses
Announcement Date
13 May 2011
Employment effect (start)
Foreseen end date
Description
Heating equipment manufacturer FÉG, which is owned by Beaumaris Holdings, has notified the labour authorities about the dismissal of 170 employees and the discontinuation of its production activities. The company has been facing severe liquidity problems since the end of 2010. It is no longer in a position to repay nearly HUF 2 billion of loan and also owes some HUF hundred million to the tax authorities.
In the meantime, MPF Holding, a manufacturer of tools and DIY accessories, has announced its intention to take over FÉG. As of may 2011 there is no further information on the future of the company.
Sources
20 May 2011: Menedzser Fórum
13 May 2011: Napi Gazdaság
Citation
Eurofound (2011), FÉG, Closure in Hungary, factsheet number 72022, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72022.
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