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.
ISD Power Kft, a provider of electricity, water, telephone, and other such services, has announced to cut 130 jobs out of 176 from its plant in Diósgyőr (Borsod-Abauj-Zemplén County).
The company is exclusively owned by ISD Dunaferr and mainly supplied DAM, a metallurgy company, which is indirectly owned by the owner of ISD Dunaferr, as well as more than seventy smaller businesses in the area. Shortly after the announcement, DAM was closed (13094).
Lay-offs at ISD Power Kft took place on 2 March 2009. Previously, the dismissed workers had received help from the Steel Foundation, which is funded by ISD Dunaferr, in the form of training and career guidance. They were also granted the option to decide whether to take their severance pay or to receive 80% of their previous salaries for a year.
Eurofound (2009), ISD Power Kft, Internal restructuring in Hungary, factsheet number 69640, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69640.