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.
Autoflex-KNOTT, a producer of spare parts for trailers, has announced that 120 workers will lose their jobs at its plant in Kecskemét, Hungary.
Mr. Sándor Nagy, manufacturing director of Autoflex-KNOTT Kft, disclosed to a news agency that as a result of unfavourable market conditions the company had to lay off 120 workers from its 330 strong workforce. He claimed that the decision was taken after the production of the plant was had been only at 60% of its full capacity since November 2008. Reducing production became a necessity in light of falling demand, a result of the ongoing global economic crisis affecting the entire automotive industry.
The company, based today in Kecskemét (Bács-Kiskun county), was founded in 1982 to produce trailers for the local Hungarian market. From 1989 Autoflex witnessed a steady growth in assets and in international scope (establishing subsidiaries through Eastern Europe). In 1992 the production of complete trailers was stopped and the company focused on spare parts production. Since 1994 the company has been part of the KNOTT Group based in Eggstadt (Germany)
Eurofound (2009), Autoflex-KNOTT, Internal restructuring in Hungary, factsheet number 69245, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69245.
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