At the end of the Socialist regime, all the important factories were on the verge of collapse (some eventually folded) and thousands of people lost their jobs. However, the city profited from losing the old and inefficient companies, as an abundance of skilled labour coupled with excellent traffic connections and existing infrastructure attracted numerous foreign firms seeking to invest in Hungary. Székesfehérvár became one of the prime destinations for multinational companies setting up shop in Hungary (Ford and IBM are some of them), turning the city into a success story of Hungary's transition to a market economy. A few years later Denso, Alcoa, Philips, and Sanmina-SCI Corporation also settled in the city.