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.
Hungarian airport security firm Airport Service Budapest (AS) has expanded its operations to cover the full range of ground handling services. In September 2020 the firm will hire 140 employees while the total number of employees is expected to reach 238 in the near future.
Some of the newly hired employees come from Malév GH, a state-owned airport service company currently under liquidation.
The predecessor of AS was launched in 1997. Since then, the company has gradually expanded its scope of operation within the fields of air travel security, facility management, property and personal security and ground handling. It received the permit to provide the full range of ground services in June 2020.
According to the CEO, the currently reduced turnover at the Budapest airport – a result of the coronavirus pandemic – makes it possible for AS to build up its ground service activities in a gradual and considered way, as opposed to scrambling to meet temporary requests from clients. The fact that AS also operates in fields other than ground handling services makes it more resilient to unpredictable situations – such as the pandemic – in comparison to other ground service operators, said the CEO.
With the liquidation of Malév GH and the entry of Airport Security, four ground service companies with full-scope authorisations will be active at the Budapest airport.
Eurofound (2020), Airport Service Budapest, Business expansion in Hungary, factsheet number 102073, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102073.
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