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.
Philips has announced the closure of its factory in Székesfehérvár, where TpVision (a joint venture owned by TPV Technology and Royal Philips Electronics) manufactures Philips branded TV sets. The production will be moved to co-owner TPV Technology’s plant in Gorzow (Poland).
The restructuring will result in the dismissals of 370 of its 400 workers in Székesfehérvár. The remaining 30 employees will be relocated to the company distribution centre in the city. The move is expected to lead to significant cost savings and profit increase.
Philips has gradually scaled down its Hungarian operations over the las years. It employed 1,500 people in 2008 (dismissing 400) and 750 in 2012 (dismissing 230). See previous restructurings: Philips Hungary 2008 and Philips Hungary 2012.
TP Vision is 70% owned by Taiwan-based TPV Technology and 30% by Netherlands-based Royal Philips Electronics.
Eurofound (2013), TP Vision, Offshoring/Delocalisation in Hungary, factsheet number 75482, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75482.