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.
Magyar Telekom, a Hungarian group that operates in the telecommunications sector, has announced that it is to cut 1,800 jobs mainly at one of its member companies, Magyar Telekom Nyrt. The job losses will be implemented from January to December 2008, and have been attributed by group management to the need to make the firm more efficient. The job losses will primarily affect managerial staff, and it is estimated that approximately 38 per cent fewer managers will be employed at the subsidiary following the restructuring. The group expects to make a 13 billion HUF saving in labour costs from the restructuring. The group has reached an agreement with trade unions regarding the restructuring, and will pay 24 billion HUF in redundancy payments to affected employees. The group also expects to develop further restructuring plans for its other subsidiaries, but has yet to make any announcements on this. Magyar Telecom employs 12,300 in Hungary.
Eurofound (2007), Magyar Telekom, Internal restructuring in Hungary, factsheet number 66004, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66004.