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.
The subsidiary of the South Korean producer of rubber seals for vehicles, Dongil Rubber Belt Slovakia, is to expand its business in Povazska Bystrica, where 150 new jobs will be created in the first stage - most of the new workers will be women. The business expansion is attributed to Dongil's contract to manufacture car seals for Hyundai Motors in Russia. A new investment of €27 million will be spent on a new production hall and technology. Presently, the company in Povazska Bystrica employs 500 permanent and 200 temporary agency workers. The start of production is planned for September-October 2016, all of which will be exported to Hyundai in Russia. It is expected that a further 150 jobs will be created there in the next stage.
According to the Deputy Minister of Economy, Rastislav Chovanec, Dongil has applied to the Slovak government for investment aid of €3.75million in the form of tax relief. Although the investment is aimed at the automotive industry, by nature it also concerns the rubber industry based in nearby Puchov. It is assumed that more than 55% of the components for the seal's production will be supplied by Slovak firms. Dongil's biggest customers are Hyundai, Kia and Volkswagen Skoda.
Eurofound (2016), Dongil Rubber Belt Slovakia, Business expansion in Slovakia, factsheet number 86647, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/86647.
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