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.
Yazaki Wiring Technologies Slovakia, producer of automotive components, started with dismissal of employees in its factory in Michalovce. Redundancies are attributed to lower production of wire harnesses for Mercedes Benz Company as well as to the contract with BMW, which ended in 2020. In addition, the Covid-19 pandemic has led to a decreased demand for the company's products. In total, 360 jobs out of total 880 will be cancelled in Michalovce. According to the chair of the local trade union, the management agreed on a severance pay to dismissed workers in amount above the Labour Code standards.
Eurofound (2021), Yazaki Wiring Technologies, Slovakia, Internal restructuring in Slovakia, factsheet number 104040, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/104040.
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