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.
Finnish owned Elcoteq Hungary initiated a mass redundancy measure affecting 1,150 of its 5,400 strong workforce. Among those who had to leave the company 900 people were temporary agency workers while the rest (250 workers) were full time employees of the company. The plant's management indicated that falling employment is partially due to the cyclical nature of the production; however, the job losses are also attributed to the global economic downturn and are part of the company's global restructuring programme.
Elcoteq, with corporate office in Espoo (Finland) launched its operations in Pécs (Baranya County) in 1998. Since then the company has become the biggest industrial employer in the county, running three production facilities in Pécs.
The company is a leading electronics manufacturing services (EMS) company in the communications technology field, producing mobile phones and their parts, set top boxes, electronics for flat screen TVs and tower-top amplifiers among other related products.
Eurofound (2009), Elcoteq, Internal restructuring in Hungary, factsheet number 68275, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68275.
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