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.
US technology conglomerate IBM has announced the closure of its backup storage device factory in Vác. The company will concentrate its global storage device production in a single location in Mexico, to enhance efficiency.
The IBM plant in Vác, Hungary, has 448 employees, making it an important employer in the region. The management of IBM states that part of the laid-off personnel will get remote jobs at other IBM subsidiaries, while the number of employees to be offered this opportunity is not yet known. The employees will be informed individually about the timing of their lay-off and the severance package offered to them by the end of August 2023. The severance packages, per consultations with the trade unions and the works council, meet the legal requirements and the industry standard.
Eurofound (2023), IBM Data Storage Systems, Offshoring/Delocalisation in Hungary, factsheet number 109347, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/109347.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
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Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
