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.
Utilities Electricity, Gas, Steam And Air Conditioning Supply Electricity, Gas, Steam And Air Conditioning Supply 35.1 - Electric power generation, transmission and distribution
140 jobs Number of planned job losses
Announcement Date
7 December 2017
Employment effect (start)
7 February 2018
Foreseen end date
Description
American energy techniques company GE Power is making about 140 employees redundant at its Veresegyház facility (although there will be a number of employees dismissed from Százhalombatta and Budapest as well, the vast majority is dismissed from Veresegyháza).
The 140 people make up 8 % of the Veresegyház workforce and about 1 % of the company's total headcount in Hungary.
GE Power, one of the biggest exporters in Hungary, has invested more than USD 124 million (HUF 32.6 billion, EUR 103 million) in its Hungarian facilities in the last two years.
The job cuts are part of the company's global "rightsizing" process, in which a total of 12,000 employees will be dismissed in reaction to the decreasing demand of GE Power's products and services.
Sources
7 December 2017: vg.hu
Citation
Eurofound (2017), GE Power, Internal restructuring in Hungary, factsheet number 92864, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92864.
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