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.
In September 2005, South Korea's leading automotive component manufacturer Sungwoo Hitech decided to build a new factory for car body parts production in Ostrava with a total investment of 2.5 billion CZK. The company promised to create up to 1,500 jobs by 2008.
The production was launched during summer 2006 and 800 workers were already hired.
On 24 April 2007, it was reported that the company intends to build new pressing and painting shops in June 2007 and double its production by hiring another 800 people. The full operation is scheduled in May 2008. The overall investment will reach the amount of USD 200 million (CZK 4.1 billion).
Most of its production will be exported to KIA car factory in Žilina (Slovakia) and Hyundai factory to be built in the Czech Nošovice city.
Eurofound (2005), Sungwoo Hitech, Business expansion in Czechia, factsheet number 62227, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62227.