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.
On 22 March 2012 Albany Molecular Research, an American chemicals company, has announced the closure of its research institute in Budapest and to make its entire workforce of 100 redundant, effective from 30 March. The closure of its Hungarian Unit is part of the companies international restructuring measures due to the loss booked in the last year.
Albany Molecular Research is a global contract research and manufacturing organization, which supplies a broad range of services and technologies to develop pharmaceutical products and the manufacturing of other drug products. It employs 1,389 employees all around the world.
The Hungarian unit was established in 2006 with the acquisition of ComGenex and saw substantial investment in 2009 through capacity extension and modernisation.
Eurofound (2012), Albany Molecular Research, Closure in Hungary, factsheet number 73385, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73385.