STOCKHOLM (dpa-AFX) - Husqvarna AB (HUSQ-B.ST), a Swedish manufacturer of outdoor power products, watering products, and lawn care power equipment, Wednesday announced that it intends to shut down its manufacturing operations for stone diamond tools in Belgium, Portugal, and Greece, along with all global service centers and sales activities linked to the stone business worldwide.
As per the company, the exit will reduce net sales by about SEK 250 million on a full-year basis and will have a slightly margin-accretive impact on the operating margin in the division.
The stone diamond tools business currently employs around 200 people and is reported under the Sawing and Drilling Business Portfolio Unit.
The intended withdrawal process will be prepared and carried out in each affected country, with consideration and care for our employees, and in consultation with works councils and unions with the aim of ensuring a responsible exit, the Swedish manufacturer said in a statement.
The full withdrawal is expected to be completed by 2026 end.
Currently, HUSQ-B.ST shares are trading around 44.29 SEK, up 4.26% on the Stockholm Stock Exchange.
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