Swedish manufacturer of brake products and components Haldex AB (HLDXF.PK) said Tuesday it is cutting more than 200 jobs as part of a restructuring program, which is expected to result in total annual savings of 100 million Swedish Kronor with full impact from 2015.
The 250 million Kronor restructuring program is to focus on consolidation of key processes and functions, optimization of Sales and G&A costs, transformation of the European footprint and product rationalizations. The program also includes cash effect in the range of 150 million Kronor to be rolled out from now until 2015, and asset write-downs of 98 million Kronor relating to foot print transformation and product rationalization.
As a first step, 120 million Kronor will be booked in the second quarter, including asset write-downs of 98 million Kronor. The expected annual savings will be in excess of 25 million Kronor, coming mainly from staff reductions. The costs will be booked as and when projects are approved and implemented during the relevant period.
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