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.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41.2 - Construction of residential and non-residential buildings
1,500 jobs Number of planned job losses
Announcement Date
12 July 2012
Employment effect (start)
Foreseen end date
31 December 2012
Description
In July 2012, construction company Budimex announced plans to cut over 1,500 jobs in 2012.
This restructuring reflects a trend in the Polish construction industry. The Polish Association of Construction Industry Employers (PZPB) envisages that up to 100,000 jobs in the Polish construction industry will be cut by the end of 2012, because of diminishing EU funds and the fact that many motorway construction projects have already been completed or are close to being completed.
In the first quarter of 2012, 50% of construction companies in Poland made losses and since the beginning of the year, 110 construction companies announced bankruptcy.
Sources
12 July 2012: Gazeta Prawna ()
Citation
Eurofound (2012), Budimex, Internal restructuring in Poland, factsheet number 74038, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74038.
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