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.
One of the oldest porcelain factories in Hungary, Herend Porcelain Manufactory Ltd., is laying off 100 employees in the first quarter of the year. The factory produces hand-crafted luxury porcelain goods. The dismissals have been announced to the local employment office and negotiations with the trade unions and works council have been started. By mid-February 80 employees were dismissed. General Manager, Attila Simon, said that many of the dismissed employees went on early retirement or resigned. Age was taken into consideration in the course of dismissals and older employees working under the same circumstances as their younger counterparts had the opportunity to keep their jobs. Mr Simon also underlined that in the case of spouses and partners a point was made of not to lay off both. Reasons behind the restructuring include increasing taxes, the stagnation in the porcelain industry.
Eurofound (2007), Herendi Porcelánmanufaktúra, Internal restructuring in Hungary, factsheet number 64999, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64999.
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