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.
Magyar Suzuki began expanding its workforce in its Esztergom unit during the second half of May. Some 400 new jobs will be created. This expansion comes after a workforce cut of 600, involving the company's agency workers and due to the COVID-19 crisis.
Magyar Suzuki stopped the production in the middle of March, then it restarted its activity in late April on a single-shift basis. By the end of June, however, the Suzuki plant in Esztergom will gradually switch to two-shift operation, which warrants a re-expansion of the reduced workforce. The management expects the European and Hungarian auto industry to recover from the COVID-19 crisis within the next 6-12 months.
The firm plans to recruit most of the agency workers dismissed in March. Moreover, now it intends to include the newly (re-)hired workforce into its own staff of employees. The new employees will maintain their former economic treatment and they will be paid a ‘return bonus’.
Magyar Suzuki is the Hungarian branch of the automotive company Suzuki and operates in the country since 1991.
Eurofound (2020), Magyar Suzuki, Business expansion in Hungary, factsheet number 100754, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100754.
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