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.
Evonik Industries, a German specialty chemicals company is going to close its Kaba site at the end of April 2018. All of the employees (120 persons) will lose their jobs, among them there are highly qualified chemists. The closure will affect Kaba and its region (Püspökladány, Nádudvar, Debrecen).The reason of the closure is the intense and increasing competition in the market for the amino acid L-threonine.According to the company’s announcement they are working in close conjunction with the works council of Evonik Agroferm, the local union, and Hungarian authorities to handle the forthcoming redundancies.
The closure of the company will affect the financial management of the local government, since Evonik paid the 30% of the whole business tax of the town.Evonik Industries is a German industrial corporation, it is owned by RAG Foundations. Evonik has three business areas: chemicals, energy, and real estate.
Eurofound (2018), Evonik Industries, Closure in Hungary, factsheet number 93767, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/93767.