Cargo Slovakia

Type
Internal restructuring
Country
Slovakia
Region
Location of affected unit(s)
Sector
Transportation / Storage
Land, Water And Air Transportation
Land Transport And Transport Via Pipelines
49 - Land transport and transport via pipelines
1,224 jobs
Number of planned job losses
Job loss
Announcement Date
3 March 2011
Employment effect (start)
1 April 2011
Foreseen end date
31 December 2011

Description

Cargo Slovakia, a public freight railway company, will dismiss 1,100 out of 9,285 employees till the end of August 2011. Dismissals are attributed to recovery package adopted by the government to save the company before bankruptcy. It is assumed that job cuts will reduce labour costs in the company by about € 25 million till the end of 2011. Cargo Slovakia is expected to be privatised in 2012.

Update October 2011: The company announced that they have actually dismissed 1,224 employees within the first 9 months of 2011: 124 more than expected.

Sources

  • 24 October 2011: SME
  • 17 September 2011: Pravda
  • 3 March 2011: Pravda

Citation

Eurofound (2011), Cargo Slovakia, Internal restructuring in Slovakia, factsheet number 71797, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71797.