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.
Panasonic AVC Networks Slovakia, part of the Japanese electronics firm Panasonic, is to close its manufacturing site in Krompachy, Slovakia. 656 jobs are to be affected. As reported, the closure of the site that produces Blu-Ray/ DVD recorders and players and TV base plates, is due to a significant and long-term drop in demand for these products. Part of the manufacturing operations will be ceased initially by the end of 2014 and the rest by May 2015. According to the sources, the firm plans to transfer part of the manufacturing activities to the Panasonic plant in Plzen in the Czech Republic and thus wil offer the possibility of relocation to 215 affected employees.As announced, dismissed employees will receive severance pay amounting to seven-month wages. This restructuring event is considered to be one of the largest in terms of job loses in Slovakia in the recent years and it refers to an area where the current unemployment rates are high.
Eurofound (2014), Panasonic AVC Networks Slovakia, Offshoring/Delocalisation in Slovakia, factsheet number 77644, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77644.
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