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 Basic Metal And Fabricated Metal Products Manufacture Of Fabricated Metal Products, Except Machinery And Equipment 25.5 - Forging, pressing, stamping and roll-forming of metal; powder metallurgy
150 jobs Number of planned job losses
Announcement Date
3 November 2008
Employment effect (start)
31 December 2008
Foreseen end date
Description
Amtek Hungary Precíziós Mérnöki Zrt., laid off 150 employees from its plant in Sárvár (Western Hungary) at the end of December 2008. Amtek Hungary is a subsidiary of Amtek, headquartered in Singapore, a global precision metal stamping and tooling specialist company. The company announced a mass redundancy of 150 employees at the beginning of November last year, of which 118 were realised. The reason behind the restructuring is the decline in orders. A company representative explained that production is seasonal in the industry and it runs on a low capacity only in the period until March, April each, so the current economic crisis provides a partial explanation only to the dismissals. The representative confirmed that business prospects do not necessitate further lay-offs and employment contracts expiring at the end of January will be renewed.
Sources
22 January 2009: index.hu
Citation
Eurofound (2008), Amtek, Internal restructuring in Hungary, factsheet number 68014, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68014.
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