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 28 September 2012 Mol, the Hungarian oil company has notified the social partners about the dismissal of 700 employees. The measure is going to affect all operations at the company from the refining to logistics and retail departments. Half of the dismissed employees are going to be white-collar workers.
The management starts the consultations with workers’ representatives this week; final decisions will be taken in the middle of October 2012.
The company aims to reduce its expenses by HUF 110 billion (EUR 385 million) with its restructuring programme by 2014 in comparison to the expenses in 2011.
UPDATE February 2013: According to reports, 92 employees have already been dismissed, and 656 redundancies will take place until mid-2013
Eurofound (2012), MOL, Internal restructuring in Hungary, factsheet number 74214, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74214.