Restructuring events
European Restructuring Monitor (ERM)
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.
Machinery manufacturing company TS Plzeň reports the loss of 116 job positions by the end of 2019, due to the closure of the plant in Plzeň. The employment level at the site has been reduced throughout 2019, as 90 employees left the company between January and September 2019. The plant currently has a workforce of 136 employees, of which only 20 are expected to be retained and transferred to the parent company ŽĎAS. According to reports, the company plans on paying employees a higher severance payment than the one stipulated in the Labour Code.
The company was acquired by the Chinese investment group CEFC, whose activity has been gradually taken over by Chinese conglomerate CITIC Group.
Eurofound (2019), TS Plzeň, Closure in Czechia, factsheet number 98632, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98632.