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.
Alfod es Eszak; Eszak-Magyarorszag; Borsod-Abauj-Zemplen
Location of affected unit(s)
Miskolc
Sector
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27 - Manufacture of electrical equipment
100 jobs Number of planned job losses
Announcement Date
14 October 2008
Employment effect (start)
1 November 2008
Foreseen end date
31 December 2008
Description
Shinwa Co, a producer of music systems for cars, has made 100 workers redundant at a production facility in Miskolc, Hungary.
Shinwa Co. Ltd, with corporate headquarters in Hong Kong, established its Hungarian subsidiary, Shinwa Precision Hungary, in 1998. The plant started by producing tape recorders for cars; however, over time it started the production of CD players and complete hi-fi systems for cars. Though the management initially indicated that present layoffs had nothing to do with the global economic crisis, it subsequently admitted that in light of the numerous announcements of closure and suspension of production of its major buyers, dismissals had become inevitable.
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