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.
The Hungarian navigation software company NNG announced to its employees that it will lay off 10% of its current 900 workers.
The management says the companys's market position is stable, yet a restructuring of the operation of the firm is necessary due to ongoing comprehensive and continuous transformation of the global auto industry. This reorganisation necessitates a workforce correction after the several hirings performed during the past couple of years of fast company expansion.
NNG is one of the domestic-owned successful startups in Hungary that has managed to evolve into a sizeable company by 2019. It develops software mainly for automotive manufacturers, most importantly on-board navigation systems. One of NNG’s successes is that it supplied three new Ford models with navigation systems in 2016. The company has affiliates in several countries, including in China, and has acquired firms in the US and Israel.
Eurofound (2019), NNG Szoftverfejlesztő és Kereskedelmi, Internal restructuring in Hungary, factsheet number 97413, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97413.