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 For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture of parts and accessories for motor vehicles
187 jobs Number of planned job losses
Announcement Date
2 March 2011
Employment effect (start)
Foreseen end date
Description
Otto Fuchs Kft plans to lay off 187 employees, in the coming months, at its plant in Tatabánya, Hungary. The company is making the redudancies because it is scaling down its production of cast wheels, and plans to shift production to forged wheels and development.
In 1995 was the company SUOFTEC Ltd was established by the American Superior Industry company and the German Otto Fuchs KG. The company employs more than 500 employees and produces 2.2 million aluminium wheels annually. In 2010, the American partner sold its 50% share in the company to its German partner, which made it the full owner of the company in Hungary.
Sources
2 March 2011: Privat Bankár
2 March 2011: Heti Világ Gazdaság
3 March 2011: Menedzser Fórum
Citation
Eurofound (2011), Otto Fuchs, Internal restructuring in Hungary, factsheet number 71692, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71692.
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