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.
Japanese electronic components manufacturer SIIX Corporation has decided to liquidate its Hungarian subsidiary and close its production plant in Nagykőrös, Central Hungary. The 333 employees will be laid off as a result. The liquidation is scheduled to be completed by the end of March 2025. The mayor of Nagykőrös has announced his intention to immediately begin developing an action plan to find employment for the affected workers.
The management cites a change in its European business strategy, in response to the current macroeconomic situation, as the reason for the closure. According to the plan, the production activity of the Hungarian plant will be taken over by the Slovakian subsidiary.
The Hungarian subsidiary has been consistently incurring losses since 2019
Eurofound (2024), SIIX Hungary, Offshoring/Delocalisation in Hungary, factsheet number 201961, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201961.