Hollóházi Porcelángyár

Type
Internal restructuring
Country
Hungary
Region
Alföld és Észak; Észak-Magyarország; Borsod-Abaúj-Zemplén
Location of affected unit(s)
Hollóháza
Sector
Manufacturing
(22 - 23) Manufacture of rubber, plastic and non-metallic minerals
23.4 - Manufacture of other porcelain and ceramic products
23.41 - Manufacture of ceramic household and ornamental articles
70 - 100 jobs
Number of planned job losses
Job loss
Announcement Date
13 December 2005
Employment effect (start)
Foreseen end date

Description

State-owned porcelain maker Hollóház is to receive a Ft 80 million loan from its owner, the State Privatization and Holding Company (ÁPV), mainly to finance a dismissal programme. Hollóház will use the loan for severance pay for 70 to 100 of its 370 staff. Hollóház needed to turn to ÁPV for funding after MKB Bank decided to stop financing it. Hollóház expects to close its financial year with losses of Ft 50 million and sales revenue of Ft 1 billion.

Sources

  • 13 December 2005: Népszabadság

Citation

Eurofound (2005), Hollóházi Porcelángyár, Internal restructuring in Hungary, factsheet number 62635, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62635.