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.
Vértesi Erőmű Zrt, a Hungarian power plant, is to dismiss 310 workers from its 1,860 strong workforce.
The scale of the measure is smaller than had been expected as the company's original plans for this year included the dismissal of another 170 employees, while its owner, the Hungarian Electricity Company (Magyar Elektromos Művek, MVM), a state owned enterprise, considered its immediate closure.
The final decision was made after a governmental decree prescribed that MVM was to continue operations while implementing a strict austerity plan that included, among other measures, the implementation of an efficiency enhancement program, and the selling of properties.
Vértesi Erőmű Zrt. is made up of a carbon based power plant that produces 240 MW of electrical and 84 MW of heat power; and a supplying carbon mine in Márkushegy.
Eurofound (2009), Vértesi Erőmű, Internal restructuring in Hungary, factsheet number 69247, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69247.