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 Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Rubber And Plastic Products 22 - Manufacture of rubber and plastic products
270 jobs Number of planned job losses
Announcement Date
15 October 2008
Employment effect (start)
15 October 2008
Foreseen end date
5 January 2009
Description
Though back in October 2008, it seemed that Veritas can outlive the economic crisis with only small workforce reduction, by the beginning of December 2008 it became clear that further measures had to be taken to cut costs. Originally, the company dismissed workers on probation time and temporary agency workers, but later workers close to retirement age were also asked to take advantage of the possibility of early retirement. In January 2009, Veritas could not avoid cutting further 56 jobs. The number of job cuts totals 270.
At present, Dunakiliti (Györ-Moson-Sopron county) factory employs 764 workers. The Hungarian production facility, founded in 1995, is 100% owned by the Veritas mother company, with headquarters in Gelnhausen (Germany). It produces rubber and plastic parts for the automotive industry serving many European car manufacturers. The company serves other automotive industry suppliers too.
Sources
15 October 2008: Világgazdaság
15 October 2008: Index
15 October 2008: HR Portal
15 October 2008: Heti Világgazdaság
Citation
Eurofound (2008), Veritas, Internal restructuring in Hungary, factsheet number 68829, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68829.
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