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 Basic Metal And Fabricated Metal Products Manufacture Of Fabricated Metal Products, Except Machinery And Equipment 25 - Manufacture of fabricated metal products, except machinery and equipment
140 jobs Number of planned job losses
Announcement Date
21 July 2011
Employment effect (start)
Foreseen end date
Description
Szenna Pack, a maker of aerosol spray cans, is undergoing bankruptcy procedures affecting 140 jobs. The company has 90 days to avoid closure. Salaries have not been paid for the last three months.
Szenna Pack has invested HUF 4,5 billion in a production plant near Kaposvár (Hungary) which would boost efficiency 30-40% and double revenue to Ft 5 billion by next year, but the global economic crises has cut expectations.
With the investment, Szenna Pack intended to strengthen its position on the western European market as a supplier to multinational companies. Szenna Pack paid for the investment with its own funds, loans and HUF 300 million in subsidies from the state's Economic Competitiveness Operative Program.
Sources
21 July 2011: Kapos Online
21 July 2011: HBI
Citation
Eurofound (2011), Szenna Pack, Bankruptcy in Hungary, factsheet number 72276, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72276.
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