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.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27 - Manufacture of electrical equipment
400 jobs Number of planned job losses
Announcement Date
28 November 2008
Employment effect (start)
1 January 2009
Foreseen end date
1 June 2009
Description
Videoton Car-Electronics has announced that dismissal of 400 out of 1,300 employees both because one of the company's projects has been completed and in response to the changing economical environment due to the global financial crisis. The mass redundancy is scheduled to take place in several steps until June 2009.
The company, based in Székesfehérvár, Central Hungary, is the biggest domestically owned car electronics manufacturer, producing complete controlling modules, electro technical equipment and electronic main boards for cars. The company is part of Videoton Holding, which indicated that, although its financial status is stable as its capital grew steadily in recent years and has no loans, its main interest in the future will be the acquisition of electronic producing facilities in bankruptcy caused by the crisis.
Sources
28 November 2008: Menedzsment Fórum
28 November 2008: Világgazdaság
28 November 2008: Hirszerző
Citation
Eurofound (2008), Videoton Car-Electronics, Internal restructuring in Hungary, factsheet number 67758, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67758.
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