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.
Márkushegyi Bánya, a coal mine employing 1400 miners, has terminated the contract of 240 miners from Transylvania. The mine is part of the Vértesi Erőmű, a power and heat producing plant, which belongs to the portfolio of the state owned Hungarian Electricity Works. The mine, located in the coal basin of Oroszlány (Komárom-Esztergom county), entered in operation in 1981, and is the last remaining deep working coal mine in Hungary.
Local trade unions cancelled celebrations of 1 May and donated the money collected for the event to those affected by the measure.
Though the company receives direct subsidy from the Hungarian state in the form of the ‘coal mine royalty', which every electricity consumer has to pay after its consumption, the mine plant complex still faces the fact that its power production is twice as expensive as its market value.
Eurofound (2009), Márkushegyi Bánya (Vértesi Erőmű), Internal restructuring in Hungary, factsheet number 69243, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/69243.