Elcoteq files for bankruptcy

Food

Finnish electronics manufacturer Elcoteq, which operates a Hungarian unit in Pécs (S Hungary), filed for bankruptcy on Thursday as a result of falling sales and a failure to restructure the company's debt, Elqoteq reported.

Elcoteq, which maintained three production sites with a combined staff of about 7,000 in Hungary before the crisis, currently operates one plant in the city of Pécs, employing 1,500 workers, many of whom have been given notice of dismissal, according to press reports.

ADVERTISEMENT

Industries lose billions on counterfeit products Analysis

Industries lose billions on counterfeit products

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.