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.
Hungarian wellness equipment manufacturer, Wellis Magyarország, has announced a plan to decrease its workforce of 600 employees at its Ózd production site by laying off 300 blue-collar workers. According to the plan, the layoff will be completed by the end of December.
The layoff is a response to the drastic decrease in demand for its products, due to the war in Ukraine and the energy crisis. This is not the first downsizing at Wellis in 2022. In July, the management announced a layoff of a similar size at the firm's Dabas plant (Wellis Magyarország 2022 - HU)
In recent years, Wellis has been one of the two largest employers in Ózd, besides Johnson Electric. However, Johnson Electric closed its plant this spring. Thus, the Wellis layoff creates a desperate situation in the town, according to mayor Dávid Janiczak.
Eurofound (2022), Wellis Magyarország, Internal restructuring in Hungary, factsheet number 107627, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107627.