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.
On 15 November 2010, GE Hungary announced plans to dismiss 2,100 employees by the end of 2011. The dismissals will mainly affect the site in Nagykanizsa, where 1,300 people will lose their job and the site in Vác, which will be closed during 2011.
Last year the company had announced the dismissal of over 2,570 employees by the end of 2011, but new investments and the relocation of production facilities have allowed the company to save almost 500 jobs. For example, the company has changed from traditional light bulbs to halogen light bulbs on their production lines.
In 2010, employee and employer representatives have been in negotiations regarding the dismissals. Since late 1989, GE Hungary has been one of the most significant multinationals operating in Hungary. Today all five GE core businesses are active in the country. Currently, GE is the largest U.S. investor ($1.1+ billion) and employer (14,000+) and one of the biggest exporters of Hungary.
Eurofound (2010), GE Hungary, Internal restructuring in Hungary, factsheet number 71236, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/71236.
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